Brazil’s economy grows 2.9% in Lula’s 1st year, beating expectations

SAO PAULO (AP) — Brazil’s economy grew 2.9% in 2023, beating expectations in the first year of the administration of President Luiz Inácio Lula da Silva. The number announced Friday by the country’s statistics institute impressed many economists. Early last year, the forecast was for only 0.8% growth. Brazil’s economy grew 3% in 2022, partly due to government spending programs pushed by then-President Jair Bolsonaro amid his failed reelection bid.