Financial News: Brazil's Economic Growth Eases In Q3

Brazil's Economic Growth Eases In Q3

12/03/2024 - 07:32:00 (RTTNews)

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

Gross domestic product advanced 0.9 percent sequentially in the September quarter, slower than the 1.4 percent growth in the June quarter. Economists had expected an expansion of 0.8 percent.

On the production side, the best contribution came from the service sector, which grew 0.9 percent. This was followed by industry with a 0.6 percent growth. Meanwhile, the agriculture sector contracted by 0.9 percent.

The expenditure breakdown showed that household consumption grew 5.5 percent, and government consumption increased by 1.3 percent. Gross fixed capital formation surged 10.8 percent, driven by the increase in the import of capital goods.

Both exports and imports rose by 2.1 percent and 17.7 percent, respectively.

On a yearly basis, GDP growth accelerated to 4.0 percent from 3.3 percent in the second quarter. The expected growth was also 4.0 percent.

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