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- (-) February 2023
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Brazil`s economy is still recovering from the negative impacts of the pandemic on its GDP growth, employment, and most sectors of the economy. For 2023, the Brazilian Central Bank (BCB) forecasts GDP to grow 0.76 percent and 1.5 percent in 2024.
Post increased its forecast for soybean planted area to 40.5 million hectares for 2021/22, up from 39 million hectares in 2020/21.
Post estimates milk production in 2021 will decrease by 0.5 percent, to 24.85 million metric tons (MMT). In 2022, production is forecast to grow one percent, reaching 25.1 MMT.
Brazil’s Marketing Year (MY) 2021/22 sugarcane crop is estimated at 590 million metric tons (MMT), a decrease of ten percent compared to the final estimate for MY 2020/21 (657 MMT).
Post forecasts 2021/22 corn harvest at a record 118 million metric tons (MMT), up nearly 40 percent on the disappointing 2020/21 harvest estimated at 85 MMT.
In 2020, the Brazilian Food Service industry was severely impacted by COVID-19 and its turnover was BRL 365 billion (US$70.8 billion), a reduction of 21 percent compared to 2019.