IBGE confirms 3.4% economic growth in 2024

Data reviewed by the Brazilian Institute of Geography and Statistics (IBGE) confirm that the Brazilian economy grew 3.4% in 2024. Thus, the Gross Domestic Product (GDP, set of goods and services produced in the country) reached R$11.7 trillion.

The finding is part of the National Accounts System, figures released this Friday (6), by IBGE. The review procedure is an institute standard, which incorporates new data from IBGE sectoral surveys, and the results may or may not change.

When the 2024 GDP performance was initially released, in March 2025, the result already showed growth of 3.4%. In December 2025, the IBGE revised the growth rates of some sectors of the economy in 2024, but did not change the global GDP growth rate, maintained at 3.4%.

Details

IBGE figures show that GDP per capita in 2024 was equivalent to R$55,410.12. For 2024, the institute shows the following performances:

- Industry: 3.1%

- Services: 3.8%

- Agriculture: -3.7%

Final consumption grew 4.4%, with that of families increasing 5.1%; and government consumption expenditure, 2%.

Recent data

Brazil already knows the economy's performance in 2025, which was 2.3%, marking five consecutive years of positive variation. This data will also undergo future standard review by IBGE, and may or may not be changed.

Regarding 2026, the country knows the official data until the second quarter. In the four quarters up to June, the economy showed an increase of 1.9%. The result of the full year will only be known in March 2027.

Expectation for 2026

The most recent edition of the Macrofiscal Bulletin prepared by the Economic Policy Secretariat (SPE) of the Ministry of Finance, released in September, projects an expansion of 2% of GDP in 2026.

The Focus report, a weekly survey by the Central Bank (BC) with financial institutions, published last Tuesday (3), estimates an increase of 1.76%.

The International Monetary Fund (IMF), a multilateral institution linked to the United Nations, announced less than a month ago that it expects the Brazilian economy to grow by 2.2% this year.

What is GDP

GDP is the set of all goods and services produced in a location in a given period. With the data, it is possible to trace the behavior of the economy of the country, state or city, as well as make international comparisons.

GDP is calculated with the help of various sectoral surveys, such as commerce, services and industry.

During the calculation, care is taken to avoid double counting. An example: if a country produces R$100 of wheat, R$200 of wheat flour and R$300 of bread, the GDP will be R$300, as the values ​​of flour and wheat are already embedded in the value of bread.

The final goods and services that make up GDP are measured in the price at which they reach the consumer. This way, they also take into account the taxes charged.

GDP helps to understand the reality of a country, but it does not express factors such as income distribution and living conditions. It is possible, for example, for a country to have a high GDP and a relatively low standard of living, just as there can be a nation with a low GDP and a very high quality of life.