Farm Progress America, March 7, 2024

The gross domestic product is a key measurement studied by economists to know the health of the economy.

The GDP is the total value of goods and services produced in a certain amount of time. A growing GDP indicates an economy is growing and people have more money to spend.

A shrinking GDP means the economy is shrinking and there isn't much money to spend.

The economy is growing in Brazil with a 2.9 percent GDP which surpassed expectations.

And in the USA, the GDP grew by 2.5 percent which is building on 2022 growth.

Both demonstrated resilience in the economy.

In Brazil, it was due to growing soybean and corn exports, a good welfare system and a robust job market. However, a slow down is expected in 2024 due to higher output costs and growing interest rates.

In the USA, the labor market remains tight and there are investments in home building so now slow down is expected.

However, both economies have concerns over the return of growing inflationary prices.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness .