The Gross Domestic Product (GDP) of Brazilian agribusiness grew 4.48% in the fourth quarter of 2024 and closed last year with a 1.81% increase compared to 2023, according to the Brazilian Confederation of Agriculture and Livestock (CNA) and the Center for Advanced Studies in Applied Economics (Cepea).

As a result, the sector's GDP reached R$2.72 trillion in 2024, of which R$1.9 trillion corresponds to the agricultural sector and R$819.26 billion to the livestock sector (based on prices from the fourth quarter of 2024). The share of agribusiness in the Brazilian economy in the period was 23.2%.

Highlights of the agribusiness GDP in 2024

The agribusiness services and agribusiness segments expanded by 3.25% and 2.94%, respectively, compared to 2023. The primary sector (within the farm gate) closed the year with a drop of 0.16%, while the inputs segment fell by 4.65%.

According to the CNA/Cepea analysis, the positive result at the end of the year was driven by the GDP of the livestock sector, which ended 2024 with a rise of 12.48%. The highlights in the livestock sector were agribusiness services (16.79%) and agribusiness (16.78%), followed by the primary sector (6.55%) and inputs (1.23%).

The agricultural sector fell by 2.19%. Unlike livestock, agriculture saw a decline in all segments, especially in inputs (6.97%) and the primary sector (3.54%). Agribusiness services fell by 1.86%, and agribusiness by 0.44%.

Agribusiness behavior

The result for the last quarter of 2024 helped reverse the negative behavior of the GDP in the accumulated period from January to September of last year, contributing to the GDP ending the year with a positive variation. As a result, the result came close to the annual forecast for the GDP released in December 2024 by the CNA, which indicated growth of up to 2%.

In the fourth quarter, the GDP of agribusiness grew by 4.48%. “When analyzing the different segments of the sector and comparing the fourth quarter with the third quarter of 2024, increases can be observed in the GDPs of inputs (3.17%), the primary segment (4.33%), agroindustry (3.72%) and agroservices (5.16%)”, reported Cepea.

The livestock sector grew by 10.71%, with emphasis on agroservices (12.15%), the primary sector (11.07%) and agroindustry (10.18%). The agricultural sector, on the other hand, grew by 2.02%, with all links in the chain growing during the period.

Source: Canal Rural