SAO PAULO (AP) – Brazil's financial system grew by 2.9% in 2023, exceeding expectations within the first yr of the administration of President Luiz InĂ¡cio Lula da Silva, in accordance with the statistics institute of the federal government Friday.

The quantity introduced by the IBGE impressed many economists, whose common forecast final yr was just for a development of 0.8% in 2023.

Brazil's financial system grew by 3% in 2022, partly because of authorities spending applications pushed by then president. Jair Bolsonaro within the midst of his failed re-election.

Credit standing company Austin Rankings stated Brazil's financial system is now the ninth largest on the planet, based mostly on preliminary gross home product numbers introduced Friday. Including $2.17 trillion in GDP final yr moved the South American nation forward of Canada and Russia, he stated.

The Brazilian statistics company stated Brazil's document soybean and wheat manufacturing helped general outcomes.

“Agriculture represented a few third of all development within the Brazilian financial system final yr,” IBGE coordinator Rebeca Palis stated in an announcement.

The federal government stated after the outcomes that it expects development in 2024 to be 2.2%, which is once more above market expectations. Lula has stated in public boards that he desires to push the quantity above 3% this yr by attracting extra overseas funding to Brazil.

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