Agribusiness Only Sector of Brazil Economy That Grew in 2015
Last year, the Brazilian economy shrank 3.8%, totaling a gross domestic product (GDP) of $1.58 trillion, according to data from the Brazilian Institute of Geography and Statistics. The political and economic crisis, which led to GDP growth of only 0.1% in 2014, worsened last year.
With 1.8% growth, agriculture was the only sector of the economy that recorded positive results last year. The growth is due mainly to the good performance of the soybean crops, which grew 11.9%. Corn production was also up 7.3%.
This is the worst economic performance in Brazil since 1990, when there was a 4.3% retraction in the GDP.
The investment rate last year was 18.2% of GDP, below the rate registered in 2014 of 20.2%. The savings rate was 14.4% last year, compared with 16.2% in 2014.
Written by Darlene Santiago, Successful Farming Brazil editor