Brazil’s economy grew by 2.5% in Q1 2024 compared to the same period last year and 0.8% quarter-on-quarter, beating analysts’ forecasts. The GDP reached BRL 2.7 trillion (USD 515 million). Industry and services sectors grew by 2.8% and 3% respectively, while agriculture declined by 3% due to climate impacts, notably El Niño. Key crops saw reduced production: soybeans (-2.4%), corn (-11.7%), tobacco (-9.6%), and cassava (-2.2%). Extractive industries grew by 5.9%. Household consumption rose by 4.4%, government spending and gross fixed capital formation by 2.7%, exports by 6.5%, and imports by 10.2%. The investment rate hit 16.9% of GDP. This growth follows a 0.1% contraction in Q4 2023.
Source: ANBA / Datamar News
BRAZIL’S ECONOMY GROWS 2.5% IN FIRST QUARTER
Published On - 6 de June de 2024