Brazil’s Q1 GDP results, released Thursday by official statistics institute IBGE, have helped bump the country back up the global economies’ ranking. Brazil is once again the tenth largest economy in the world, a position it had lost following the Covid-induced contraction of 2020.
With a GDP of USD 1.83 trillion, Brazil leapfrogged Australia, South Korea, and Russia to regain tenth place in the ranking, compiled by Brazilian ratings agency Austin Rating.
However, it is the poor performance of other economies — rather than a strong showing on Brazil’s part — that allowed the country to re-enter the top ten. Out of the 34 countries classified by Austin Ranking, Peru posted the strongest Q1 quarterly growth, with 2 percent. Brazil’s 1-percent growth in Q1 2022 puts it in 11th place.
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