According to the Brazilian Institute of Geography and Statistics (IBGE), household consumption expenditure grew by 5.5%. This result was mainly influenced by government programs and improvements in the labor market.

Brazil's Gross Domestic Product (GDP) grew 0.9% in the third quarter compared to the second quarter of the year, the Brazilian Institute of Geography and Statistics (IBGE) reported on Tuesday.

From a supply perspective, services grew by 0.9% and industry by 0.6% quarter-on-quarter, while agriculture decreased by 0.9%.

From an expenditure perspective, household consumption expenditure expanded by 1.5%, government consumption expenditure grew by 0.8% and gross fixed capital formation increased by 2.1% compared to the immediately preceding quarter.

In the external sector, there was a fall in exports of goods and services (-0.6%) and an increase in imports of goods and services (1%) compared to the second quarter of 2024.

Compared to the third quarter of 2023, GDP increased by 4%. Services (4.1%) and industry (3.6%) grew in the period, while agriculture decreased by 0.8%.

From a demand perspective, household consumption expenditure grew by 5.5%. This result was mainly influenced by government programs and improvements in the labor market. Government consumption expenditure grew by 1.3% in the period. Gross fixed capital formation increased by 10.8% in the third quarter of 2024.

Finally, in the external sector, exports of goods and services increased by 2.1% year-on-year, while imports of goods and services grew by 17.7% in the third quarter of 2024.