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Financial News: BRAZIL: GDP Surprises With 0.2% Increase In 2Q17,

BRAZIL: GDP Surprises With 0.2% Increase In 2Q17, Boosted By Consumption

09/04/2017 - 08:47:00 (RTTNews)

(RTTNews) - Brazil's Gross Domestic Product rose 0.2% in the second quarter from the first three months of the year, according to the national statistics office (IBGE). It was the second positive result in a row, after eight consecutive quarters in 2015 and 2016. Market analysts expected the GDP to remain stable. Rebeca Palis, IBGE's National Accounts Coordinator, stated that "trade (+1.9%), on the supply side, and household consumption (+1.4%), on the demand side, were the main factors" for the rise. She pointed out that the growth in household consumption responded to the evolution of some macroeconomic indicators in the quarter, such as the deceleration of inflation, the cuts in the Selic interest rate and the increase in wages. Palis also noted that in the annual comparison, household consumption returned to growth (0.7%), after falling for nine quarters in a row. Compared to the second quarter of 2016, Brazilian GDP increased by 0.3%, interrupting 12 consecutive quarters of negative results. Brazil's GDP amounted to R$ 1.639 trillion (US$ 523.09 billion) in the second quarter, of which R$ 1.422 trillion refers to the value added at basic prices and R$ 216.5 billion to taxes on products net of subsidies. In the first half of the year, the GDP remained stable. While industry (-1.6%) and services (-1,%) fell, agriculture showed a strong growth (+15%). In 12 months, however, the GDP decreased by 1.4%. In the second quarter, the investment rate was at 15.5% of GDP, down from the same period of 2016 (16.7%). The savings rate was 15.8% compared to 15.6% in the second quarter of last year. Exports of goods and services rose for the second quarter in a row, by 0.5%. In the same period, imports halted two consecutive quarters of increase and fell 3.5%. Compared to the second quarter of 2016, exports rose by 2.5% in the second quarter, while imports fell again (-3,3%) after interrupting nine consecutive quarters of decline earlier this year.

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