Brazil Expects Agriculture to Grow 5.5%, More than Country’s GDP

The agricultural sector in Brazil should grow 5.5% this year. This forecast was disclosed by the Brazilian Central Bank (BC) and is part of the Quarterly Inflation Report, which includes several estimates about the economy of the country.

The figure presented the BC is half a percentage point above the estimate in the previous edition of the study.

If expectations are confirmed, agriculture should grow more than the Gross Domestic Product this year, as BC forecasts for economic growth are 5%. Despite the worsening of the international financial crisis, the bank has raised by 0.2 percentage points the forecasted economic growth for this year.

According to the report, the revision of this performance in the agricultural sector is also due to the crop forecasted by the Brazilian Institute of Geography and Statistics (IBGE).

According to information supplied by the Ministry of Agriculture, recent studies show, for example, perspective for growth of 32.4% in wheat crops, 28% in coffee crops and 13% in maize crops.

The Central Bank has also increased the forecasted industrial growth from 5.3% to 5.5% and growth of the service sector from 4.4% to 4.5%.

Anba