Brazil GDP up 1% in first quarter, totals BRL 2.2 tri

Brazil’s gross domestic product (GDP) grew one percent in the first quarter of this year from the previous three-month period. The data were released today (Jun 2) by the country’s statistics agency IBGE.

According to the figures, the GDP totaled BRL 2.2 trillion in current values during this time span.

Compared to the first quarter of 2021, the country’s economy expanded by 1.7 percent. The data also show a 4.7 percent increase in 12 months.

Sectors

Services boosted growth in the first three months of the year against the fourth quarter of 2021. The sector was up one percent. Industry reported a 0.1 variation. Agriculture and cattle-raising decreased 0.9 percent.

From the demand viewpoint, the high GDP in the period was driven by household consumption, up 0.7 percent. Government consumption changed 0.7 percent, whereas investments shrank 3.5 percent.

As for the external sector, in turn, exports of goods and services rose five percent, while imports plunged 4.6 percent.