Saturday, 31 August 2013

Brazil GDP beats expectations for second quarter





Brazil's economy grew by 3.3% year-on-year in the second quarter, according to official new state figures.

The Instituto Brasileiro de Geografia e Estatistica (IBGE) also said that the economy grew by 1.5% in the quarter from the previous one.

That number was above economists' predictions of 0.9%.

Finance Minister Guido Mantega earlier this month reduced 2013 growth targets to 2.5% from an already reduced 3.0% and for 2014 down to 4.0% from 4.5%.

The agricultural industry, which saw production surge 3.9%, was responsible for most of the growth in Latin America's biggest economy between April and June, following on from 9.7% growth in the first quarter.

The sector's performance was mainly due to soy production, which rose by 23.7% compared with the second quarter of 2012.

Meanwhile, corn production grew by 12.2%, beans rose 8.4% and rice production increased 2.9%.

No comments:

Post a Comment