Brazil's economy expands 2.9% in 2022

Brazil's gross domestic product grew 2.9 percent in 2022 from the previous year.

That's the second-straight annual expansion for South America's largest economy, though slower than the 5 percent growth logged in 2021.

The service sector expanded 4.2 percent. Industry was up 1.6 percent. The coronavirus pandemic had less of an impact on economic activities.

On the other hand, agriculture shrank 1.7 percent, as unseasonable weather hurt soybean production.

The October-to-December period saw the first GDP contraction in six quarters, down 0.2 percent from the previous three months.
Brazil's central bank is predicting that 2023's growth will slow down to plus 0.8 percent. The major factors are strong inflation and the bank's tighter monetary policy.