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Agribusiness GDP was the only one that grew in Brazil in 2020

Posted by Guilherme Bezzarro

Image: Pixabay

The Brazilian Institute of Geography and Statistics (IBGE) announced on Wednesday (3) the performance of the Gross Domestic Product (GDP) of 2020. The agricultural sector was the only one that registered a 2.0% increase in the year in comparison with the 2019.

Overall, in view of the adverse effects of the Covid-19 pandemic, national GDP fell 4.1% compared to 2019, the lowest rate in the historical series, which started in 1996. The volume totaled R$ 7.4 trillion in the year. Sectors such as Industry (-3.5%) and Services (-4.5%) pulled the fall.

In relation to the fourth quarter, the GDP of agriculture decreased by 0.5% compared to the third quarter. In comparison with the fourth quarter of 2019, the GDP of agriculture showed a decrease of 0.4%.

The gains in agribusiness in 2020 resulted from the growth in production and productivity gains in agriculture, which supplanted the poor performance of livestock and fishing activities. Highlight for soybeans with an increase of 7.1% and coffee with 24.4%, which reached record production in the historical series.

The Gross Value of Agricultural Production (VBP) is estimated at R$ 1.002 trillion for 2021. There was a real increase of 11.8% in relation to last year (R$ 896.7 billion).

This text was automatically translated from Portuguese.

By: Eliza Maliszewski | Agrolink