The services sector drove this positive variation, with an increase of 1.4%, mainly due to the contributions of commerce (3%).

Brazil's Gross Domestic Product (GDP) grew by 0.8% in the first quarter of the year compared to the last quarter of the previous year, as reported today Tuesday by the Brazilian Institute of Geography and Statistics (IBGE).

The services sector drove this positive variation, with an increase of 1.4%, mainly due to the contributions of commerce (3%), information and communications (2.1%) and other service activities (1.6%).

For its part, agriculture grew 11.3% and industry registered a small negative variation (-0.1%), which is considered stability.

From a spending perspective, household consumption spending (1.5%) and gross fixed capital formation (4.1%) expanded, while government consumption spending (0.0%) fell. remained stable.

Regarding the external sector, exports of goods and services had a positive variation of 0.2% while imports of goods and services grew 6.5%.

YEAR-YEAR GROWTH OF 2.5%

Comparing the first quarter of 2024 with the same quarter last year, there was a 2.5% increase in GDP, also driven by services and information and communications activities, trade and other service activities, with a growth of 3%.

The industry grew by 2.8%. Extractive industries (5.9%) recorded the best result, being affected by the increase in both oil and gas and iron ore extraction. In contrast, the agricultural sector had a negative performance, with a year-on-year drop of 3%.

Both household consumption expenditure (4.4%) and government consumption expenditure (2.6%) increased compared to the first quarter of 2023. For their part, gross fixed capital formation increased by 2 .7% in the first quarter of 2024, showing an increase after three consecutive falls.

In the foreign sector, exports of goods and services increased by 6.5%, while imports of goods and services increased by 10.2% in the first quarter of 2024.