The Brazilian economy grew 2.5% in the first quarter of the year compared to the same period last year. In relation 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%.
In the last 12 months, the country’s economy grew by 2.5%. These numbers were released on Tuesday (June 4) by IBGE, the government’s statistics agency. In current values, Brazil’s GDP stands at R$ 2.7 trillion.
President Luiz Inácio Lula da Silva celebrated the GDP increase:
“The GDP advanced in the first quarter of this year, driven by increased household consumption and services,” said the president.
“Another good piece of news is that, according to the IMF [International Monetary Fund] forecast, Brazil will rise to 8th place in the world GDP ranking. This is further proof that we are on the right track,” Lula added on his profile on the social network X.
In a statement, the Ministry of Finance attributed the quarterly results to an unexpected growth in the GDP of the services sector, driven by increased income, credit granting, and payment of precatórios. “The results exceeded the median of market expectations and are aligned with the projections of the Economic Policy Secretariat,” the statement highlighted.
Source: Agência Brasil