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Brazil's economy grows 4.6 pct in 2021, fastest rate since 2010
Xinhua
2022-03-08 21:34

Photo taken on March 4, 2022 shows the building where the Brazilian Institute of Geography and Statistics is located in Rio de Janeiro, Brazil. Brazil's economy grew 4.6 percent in 2021, marking the fastest rate since 2010 and a clear recovery from the sharp 3.9 percent contraction in gross domestic product (GDP) in 2020, the state-run Brazilian Institute of Geography and Statistics (IBGE) said on Friday. (Xinhua/Wang Tiancong)

RIO DE JANEIRO, March 4 (Xinhua) -- Brazil's economy grew 4.6 percent in 2021, marking the fastest rate since 2010 and a clear recovery from the sharp 3.9 percent contraction in gross domestic product (GDP) in 2020, the state-run Brazilian Institute of Geography and Statistics (IBGE) said on Friday.

According to the IBGE report, the three main sectors that contribute to Brazil's GDP performed unevenly in 2021, with the agricultural sector shrinking 0.2 percent compared to 2020, while industry grew 4.5 percent and services expanded 4.7 percent.

Agriculture "was not suffering from the effects of the pandemic and even grew in 2020, though last year we had several climatic problems, such as drought," the IBGE said.

Household consumption, one of the engines of the Brazilian economy, rose by 3.6 percent, while government consumption grew by 2 percent.

Investment, in turn, recovered from 2020 to rise 17.2 percent, while imports expanded 12.4 percent and exports increased 5.8 percent.

In the fourth quarter of 2021, Brazilian GDP grew 1.6 percent compared to the same period in 2020, the fourth increase in a row after four consecutive quarterly declines in 2020.

Brazilian financial analysts have forecast just 0.3 percent GDP growth in 2022, well below the global average. 

Vehicles drive on a road in Rio de Janeiro, Brazil, on March 4, 2022. Brazil's economy grew 4.6 percent in 2021, marking the fastest rate since 2010 and a clear recovery from the sharp 3.9 percent contraction in gross domestic product (GDP) in 2020, the state-run Brazilian Institute of Geography and Statistics (IBGE) said on Friday. (Xinhua/Wang Tiancong)

Photo taken on March 4, 2022 shows a branch of a Brazilian bank in Rio de Janeiro, Brazil. Brazil's economy grew 4.6 percent in 2021, marking the fastest rate since 2010 and a clear recovery from the sharp 3.9 percent contraction in gross domestic product (GDP) in 2020, the state-run Brazilian Institute of Geography and Statistics (IBGE) said on Friday. (Xinhua/Wang Tiancong)

Vehicles drive on a road in Rio de Janeiro, Brazil, on March 4, 2022. Brazil's economy grew 4.6 percent in 2021, marking the fastest rate since 2010 and a clear recovery from the sharp 3.9 percent contraction in gross domestic product (GDP) in 2020, the state-run Brazilian Institute of Geography and Statistics (IBGE) said on Friday. (Xinhua/Wang Tiancong)

Photo taken on March 4, 2022 shows the headquarters of oil company Petrobras in Rio de Janeiro, Brazil. Brazil's economy grew 4.6 percent in 2021, marking the fastest rate since 2010 and a clear recovery from the sharp 3.9 percent contraction in gross domestic product (GDP) in 2020, the state-run Brazilian Institute of Geography and Statistics (IBGE) said on Friday. (Xinhua/Wang Tiancong)

Photo taken on March 4, 2022 shows a branch of a Brazilian bank in Rio de Janeiro, Brazil. Brazil's economy grew 4.6 percent in 2021, marking the fastest rate since 2010 and a clear recovery from the sharp 3.9 percent contraction in gross domestic product (GDP) in 2020, the state-run Brazilian Institute of Geography and Statistics (IBGE) said on Friday. (Xinhua/Wang Tiancong)

Photo taken on March 4, 2022 shows the headquarters of oil company Petrobras in Rio de Janeiro, Brazil. Brazil's economy grew 4.6 percent in 2021, marking the fastest rate since 2010 and a clear recovery from the sharp 3.9 percent contraction in gross domestic product (GDP) in 2020, the state-run Brazilian Institute of Geography and Statistics (IBGE) said on Friday. (Xinhua/Wang Tiancong)

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