Brazil: Retail Foods
The Brazilian economy grew by 2.9 percent, largely supported by household consumption, which advanced 4.3 percent in the year despite inflation challenges. The labor market recovery continued as unemployment dropped to 7.9 percent by December 2022. The retail industry maintained significant growth, reaching US$134.8 billion in sales. This growth was generated by over 94,706 retail stores around the country, both in the physical and virtual formats. The sector represented about 7 percent of Brazil’s Gross Domestic Product (GDP).