The output of financial services in Brazil has experienced considerable growth from 2013 to 2023, moving from 450.62 billion Brazilian Reals to 804.87 billion Brazilian Reals. In terms of recent growth, there was a 4.45% increase year-on-year in 2023. The compound annual growth rate (CAGR) over the past five years has been 4.4%, showcasing moderate but steady growth.
Over the long term, the output has seen fluctuations, with significant spikes in 2014 (12.27%) and 2015 (13.58%), and slower growth other years. Between 2020 and 2022, the industry noted lower growth rates hovering around 4-5% annually.
Future trends to watch for in the Brazilian financial services sector include:
- Adoption of digital banking and fintech innovations.
- Regulatory changes affecting the financial services landscape.
- Macroeconomic factors, including inflation and interest rates, impacting growth.
- Potential global economic influences and domestic policies on the industry.