Brazil’S GDP Surges 3.3% In Second Quarter
(MENAFN- Brazil-Arab News Agency (ANBA))
São Paulo – Brazil's gross domestic product (GDP) grew 3.3% in the second quarter of this year compared to the same period in 2023 and 1.4% compared to the first quarter of 2024, statistics agency IBGE said.
Compared to the same period last year, there was a 3.5% growth in the services sector, a 3.9% increase in industry, but a 2.9% decline in agriculture. Compared to the first three months of this year, the services sector grew 1%, industry 1.8%, and Agriculture fell by 2.3%. In current values, the GDP totaled BRL 2.9 trillion [USD 516.6 billion] in the second quarter.
“With the decline in agriculture's leading role, industry stood out this quarter, particularly in electricity and gas, water supply, sewage, waste management activities, and construction,” said Rebeca Palis, IBGE's National Accounts Coordinator.
GDP: Positive factors
Factors contributing to the strong performance of the Brazilian economy include labor market conditions, lower interest rates, availability of credit, investments (with growth in capital good imports and production), and the performance of the construction and software development sectors. In agriculture, adverse weather conditions affected the production of soybeans and corn, despite good results in livestock and crops such as coffee and cotton.
The GDP for the four-quarter leading to March 2024 grew 2.5% compared to the same period in 2023. There were increases in industry (2.6%) and services (2.6%), with stability in agriculture.
Read more:
Brazil's GDP up 2.9% in 2023 but stagnates in Q4
Translated by Guilherme Miranda
Archive/CNI
The post Brazil's GDP surges 3.3% in second quarter appeared first on ANBA News Agency .
MENAFN03092024000213011057ID1108632117
.jpg)
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.