Brazil fact of the day

 [[{“value”:”Agriculture is now almost single-handedly propping up the nation’s economic fortunes. In the first quarter of 2023, the sector grew by an extraordinary 21 per cent and by more than 15 per cent across the year. This growth — the strongest since 1996, according to available data — helped bolster overall national growth, which surpassed
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Agriculture is now almost single-handedly propping up the nation’s economic fortunes. In the first quarter of 2023, the sector grew by an extraordinary 21 per cent and by more than 15 per cent across the year. This growth — the strongest since 1996, according to available data — helped bolster overall national growth, which surpassed expectations at 2.9 per cent.

A recent study of an elite group within Brazil’s richest people — those in the 0.1 per cent — found that the highest earners were from Mato Grosso, according to the Fiscal Policy Observatory at the Getulio Vargas Foundation. “In terms of state GDP per capita, today it is among the highest in the country,” says Sérgio Gobetti, an economist who authored the study. But he highlights that inequality is also growing, with the wealth heavily concentrated among the landowners — typically from Brazil’s south — and not the workers, usually from the country’s poorer north-east.

Here is more from Bryan Harris at the FT.  Brazil’s trade surpluses are growing rapidly.

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