Brazil’s economy, the largest in Latin America, continued to pick up pace in the second quarter, beating market expectations with 1.4 per cent growth, according to data released Tuesday.
Driven by growth in industry and services, Brazil’s economic rebound comes after growth hovered at around zero in the last two quarters of 2023.
GDP was up 3.3 per cent compared to the second quarter of 2023.
The Brazilian Institute of Geography and Statistics also revised first-quarter growth to 1.0 per cent, up from 0.8 per cent.
An average of estimates from more than 70 consulting firms and financial institutions had predicted growth of 0.9 per cent in the second quarter, according to the Valor Economico newspaper.
The data is good news for president Luiz Inacio Lula da Silva, who has forecast a faster-than-expected economic recovery.
Rebeca Palis, an analyst at IBGE, highlighted an ‘end of the prominence of agriculture’ as a driver of economic growth, with the sector falling 2.3 per cent in the second quarter.
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Publish date : 2024-09-03 05:57:00
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