*Brazil’s national statistics institute (Ibge) has released its GDP figures for the first quarter of 2024, posting 0.8% growth from the previous quarter and 2.5% growth from the same quarter in 2023. The services and agricultural sectors registered quarterly growth of 1.4% and 11.3% respectively, while the industrial sector posted a slight quarterly contraction of 0.1%. In a press release, the Ibge attributed the growth in the services sector to increased consumption by families, which has led to rises in retail sales and demand for other personal services as well as increased internet usage and demand for digital services. The Ibge suggested several factors that have contributed to more consumer spending, such as the unemployment rate decreasing, the central bank (BCB) cutting interest rates in Q1, and the continuation of government programmes to provide financial assistance for lower income households.
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LatinNews Daily - 05 June 2024
In brief: Services and agriculture drive Brazil’s Q1 growth
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