The region of Brazil that grew the most in 2023 had a performance driven by agriculture; see what it was
The economic activity of the Midwest grew 5.9% in 2023, the largest increase among Brazil’s five regions, according to the Regional Bulletin of the Central Bank (B.C). They are followed by the North (4.2%), the South (3.6%), the Southeast (2.6%) and the Northeast (2.4%).
According to the BC, differences in productive structures between regions explain 18% of the dispersion in growth rates between states. “The differences in the productive structure help explain the greater growth in the Center-West and North, and the lower growth in the Southeast,” the report says.
The greater relative weight and strong expansion of agriculture justify the performance of the Center-West in 2023according to the BC. The monetary authority also positively values the continued growth of the region’s manufacturing industry, which for the second consecutive year had the best regional performance.
in the region NorthThe highlight was the recovery of the extractive industry from the slowdown observed in 2022, when there was a cooling in international demand for iron ore. HE South It was driven by agriculture, which recovered from the fall of 2022, and by the acceleration of the service sector.
HE Northeast decelerated compared to the previous year, driven by industry and services. The slowdown in activity in SoutheastOn the other hand, it was driven exclusively by São Paulo, with the second worst performance among Brazilian states. Rio, Espírito Santo and Minas Gerais obtained the fourth, fifth and sixth best performance, respectively.
