The Brazilian economy grew by 2.5 percent in the first quarter of the year, compared to the same period last year. Compared to the last quarter of 2023, the Gross Domestic Product (GDP), which encompasses the total of all goods and services produced in the country, rose by 0.8 percent.
Over the past 12 months, the country’s economy has grown by 2.5 percent. These figures were released on Tuesday (Jun. 4), by the government´s statistics agency IBGE. In current values, Brazil’s GDP stands at BRL 2.7 trillion.
President Luiz Inácio Lula da Silva celebrated the increase in GDP:
“The GDP advanced in the first quarter of this year, driven by increased household consumption and services,” said the president.
“Another piece of good news is that, according to the IMF’s [International Monetary Fund] forecast, Brazil will move up to 8th in the world GDP rankings. This is further proof that we are on the right track,” added Lula on his profile on the X social network.
In a statement, the Ministry of Finance attributed the quarterly results to higher-than-expected growth in the services sector GDP, driven by increased income, credit concessions, and the payment of court-ordered debts. “The results exceeded the median of market forecasts and aligned with the projections of the Secretariat for Economic Policy,” the statement noted.
Source: Agência Brasil
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