Brazil returned to the ranking of the world’s top ten largest economies, displacing Russia. Agricultural activity drove the outcome, following a 2.9% expansion of the Gross Domestic Product (GDP) in 2023.

The most recent update of the top ten largest economies in the world saw no changes at the top: the United States and China remain, by far, the countries with the largest Gross Domestic Product (GDP), closing the year at 28 trillion dollars and 19 trillion dollars, respectively.

However, changes begin to be seen from the third position onwards. On one hand, Germany displaced Japan as the third-largest economy in the world, according to the list presented by the World Economic Forum, which updates the one from the summer of 2023.

India, the United Kingdom, and France also maintained their previous positions, as did Russia, which dropped out of the ranking to make way for Brazil.

During the past year, the South American nation achieved a GDP equivalent to around 2.17 trillion U.S. dollars, with a 2.9% expansion compared to the previous year.

As part of Latin America, following Brazil’s top position is Mexico, with a GDP of 1.81 trillion dollars.

According to official information from the Brazilian Government, growth was mainly driven by agriculture, which had a record year in 2023, with a 15.1% increase in its GDP, allowing for a boost in other sectors such as exports and the food industry.

In line with this data, Brazil reported a surplus in January of about 22.232 billion reais (around 4.491.3 million dollars). This is because the public sector, including the central government, regional and municipal administrations, and state-owned enterprises, started 2024 with revenues exceeding expenses for the first time in several months.