Brazil’s GDP grew 2.3% in 2025, the lowest full-year rate since 2020’s 3.3% pandemic contraction. Electricity, gas, water, and waste management fell 0.4% due to worsening tariff flags versus 2024. Manufacturing declined slightly (-0.2%), weighed by lower coke, petroleum derivatives, metal products, and beverage output. Agriculture surged 11.7%, led by corn (23.6%) and soybean (14.6%) harvests, with livestock also contributing. All service (1.8%) sectors expanded, with information and communication up 6.5% the strongest gain. Industry rose 1.4%, driven by extractive industries (8.6%) on higher oil and gas output. Construction grew 0.5%, aided by rising real wages.