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Financial News: Brazil GDP Growth Improves Less Than Forecast

Brazil GDP Growth Improves Less Than Forecast

06/02/2022 - 11:01:00 (RTTNews)

(RTTNews) - The Brazilian economy expanded at a slower-than-expected pace in the three months ended March and the expansion was largely driven by output in the services sector, figures from the Brazilian Institute of Geography and Statistics, or IBGE, showed on Thursday.

Gross domestic product advanced a seasonally adjusted 1.0 percent sequentially in the March quarter, faster than the 0.7 percent rise in the previous three months. Economists had expected a 1.2 percent expansion for the current quarter.

Among sectors, output in the service sector contributed the most to GDP, rising 1.0 percent compared to the previous quarter, and industrial output logged a modest increase of 0.1 percent. Meanwhile, the agriculture sector showed negative growth of 0.9 percent.

On the expenditure side, household and government consumption increased by 0.7 percent and 0.1 percent, respectively.

Meanwhile, gross fixed capital formation contracted 3.5 percent. Exports were 5.0 percent higher than in the previous quarter, while imports fell 4.6 percent.

On a yearly basis, GDP growth accelerated to 1.7 percent in the March quarter from 1.6 percent in the December quarter.

Separate data from the statistical office revealed that producer price inflation eased slightly to 18.0 percent in April from 18.29 percent in March.

Monthly, producer prices rose at a slower rate of 1.94 percent in April, following a 3.12 percent gain in the preceding month.

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