The Gross Domestic Product (GDP) of Brazil grew by 1.9 % in the first quarter of the year compared to the previous quarter, while it expanded by 4% compared to the same period in 2022, according to the Brazilian Institute of Geography. and Statistics (IBGE).
The greatest quarterly rise occurred in the primary sector, with an increase of 21.6 % compared to the fourth quarter of 2022. For its part, the service sector grew a slight 0.6 %, while the secondary sector contracted 0.1 %.
This worse performance of the secondary sector is due to the drop in activity in construction (0.8 %) and among transformation industries (0.6 %). Meanwhile, the extractive industry expanded by 2.3 % and the waste management business, by 1.7 %.
From the perspective of demand, household consumption grew by 0.2 % and public spending by 0.3 %. By contrast, gross fixed capital formation fell by 3.4 %. In the external sector, exports had a negative variation of 0.4 %, while imports fell by 7.1 %.
(Reference image source: Agustin Diaz Gargiulo, Unsplash)