GDP growth ends longest recession in Brazilian history

GDP growth ends longest recession in Brazilian history

Chamber Articles Category: Economic News Post Date: 03/06/18 Source: BrazilGovNews By: BrazilGovNews
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Brazil's Gross Domestic Product (GDP) rose 1% in 2017 after two years of strong decline, ending the country's largest recession in history. The data was released on Thursday (1 March) by the Brazilian Institute of Geography and Statistics (IBGE).

The increase was driven mainly by strong growth in agriculture and livestock, which saw a 13% increase in the year, with good results also observed in the services sector (+0.3%) and the investment rate, which stood at 15.6% in 2017.

The positive growth seen in 2017 is the direct result of the efforts by the Brazilian government to reorganise the Brazilian economy. The expectation now is for GDP to increase the pace of recovery, with forecasts pointing to 3% growth by the end of this year. Read Full Article