Results were released this Tuesday by the Department of Economics and Statistics, linked to SPGG
The Gross Domestic Product (GDP) of Rio Grande do Sul grew by 1.7% in 2023, compared to 2022, reaching the value of R$640.299 billion, which represents 5.90% of the national GDP. GDP per capita ended the year at R$55,454, growth of 1.4% compared to 2022, and 10.5% higher than that of Brazil.
The expansion of Rio Grande do Sul’s economy was determined by increases in agriculture (16.3%) and services (2.7%), the two activities with increases above the national average (15.1% and 2.4%, respectively). On the other hand, the State’s industry shrank by 4.0%. The national figure grew 1.6%, which explains the lower performance of Rio Grande do Sul compared to that obtained by Brazil.
The results of the Rio Grande do Sul economy for the 4th quarter of 2023 and, consequently, for 2023 were released this Tuesday (26/3), by the Department of Economics and Statistics, linked to the Secretariat of Planning, Governance and Management (DEE/ SPGG).
The deputy secretary of SPGG, Bruno Silveira, the deputy secretary of Planning, Carolina Scarparo, the director of DEE, Pedro Zuanazzi, and the DEE researcher, Martinho Lazzari, participated in the presentation of the numbers.
“The DEE’s work is a national reference and allows the State government to work with numbers consistent with reality and to have planning”, highlighted Silveira.
Performance by segment
In agriculture, the lack of rain in the first months of the year and the excess of rain at the end limited the recovery of the State’s agricultural production after the great drought of 2022. Even so, the sector registered important growth in the year, given the relative lower intensity of the 2023 drought.
In industry, the main negative highlight was the manufacturing industry, which recorded a decline of 5.4% in the year. The national reduction in investment spending had a greater impact on industry in Rio Grande do Sul, which has an important machinery and equipment sector. Furthermore, more specific issues, such as stoppages for maintenance and investments in oil refining and cellulose manufacturing plants, in addition to collective vacations at an important vehicle manufacturing company, negatively impacted industrial activity in Rio Grande do Sul throughout 2023.
Services grew driven by information services, financial intermediation and insurance activities and other services.
Previous quarters
In comparison with the immediately previous quarter, in the seasonally adjusted series, Rio Grande do Sul’s GDP showed zero change (0.0%), performance equal to the national one. On this basis of comparison, agriculture fell 12.3%, while industry (0.1%) and services (0.6%) expanded.
Compared to the same quarter in 2022, the State’s GDP shrank by 0.7%, a lower performance than the national one (growth of 2.1%). Agriculture, due to the failure of the wheat harvest, fell 23.1%. The industry, again influenced by transformation, fell 1.0%. On the other hand, services grew 2.1%.
The GDP level is 0.6% above the pre-pandemic period (4th quarter of 2019), but 5.3% below its peak, recorded in the 2nd quarter of 2021.
→ Click here and access the RS GDP presentation
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Photo: Pablo Reis/Ascom SPGG RS
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