CNA estimates a drop of 0.5% to 1% in agricultural GDP in 2024, in a preliminary forecast or Brazil

Grains, Cereal & Legumes
Market & Price Trends
Published Mar 2, 2024

Tridge summary

The Brazilian Confederation of Agriculture and Livestock (CNA) forecasts a slight decrease of 0.5% to 1% in the agricultural GDP for 2024, primarily due to reduced grain production and increased intermediate consumption. This comes after a significant growth of 15.1% in 2023, where agriculture contributed to 44% of Brazil's GDP growth. Despite the anticipated decline, the agricultural sector's contribution to the national GDP is expected to stay within the historical range of 6.5% to 7%. Meanwhile, the CNA projects a 1.7% growth in the national GDP for 2024.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

By Isadora Duarte Brasília, 03/01/2024 - The Brazilian Confederation of Agriculture and Livestock (CNA) predicts a drop of 0.5% to 1% in the Gross Domestic Product (GDP) of agriculture this year, compared to growth of 15.1% in 2023 The entity's estimate is preliminary and should be revised after the annual results released by the Brazilian Institute of Geography and Statistics (IBGE) this Friday. "The decline will be largely due to lower grain production, in addition to the impact of the increase in intermediate consumption, which puts pressure on production costs," said the coordinator of the CNA Economic Center, Renato Conchon, to Broadcast Agro. Grains represent the largest share of agricultural performance and, therefore, variations in production affect the sector's overall result. For the national GDP, the CNA projects, in a preliminary estimate, growth of 1.7% this year, a number that will also be revised later. The CNA assesses that the 15.1% growth in agricultural GDP last ...
Source: Broadcast
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