Financial News: Brazil Economic Growth Improves In Q2

Brazil Economic Growth Improves In Q2

09/03/2024 - 09:07:00 (RTTNews)

(RTTNews) - The Brazilian economy expanded at an accelerated pace in the second quarter, according to figures released on Tuesday by the Brazilian Institute of Geography and Statistics, or IBGE.

Gross domestic product advanced 1.4 percent sequentially in the June quarter, faster than the 1.0 percent growth in the March quarter. Economists had expected a slightly slower expansion of 0.9 percent.

On the expenditure side, household consumption grew 4.9 percent, driven by the increase in both the real wage bill and the credit available to households, as well as by lower interest rates.

Government consumption and investments grew by 3.1 percent and 5.7 percent, respectively. Exports increased by 4.5 percent, while imports rose by 14.8 percent.

On a yearly basis, GDP growth quickened to 3.3 percent from 2.5 percent in the second quarter. The expected growth was 2.7 percent.

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