BRASILIA: Brazil posted below expectations GDP growth of 0.6 percent in the first quarter of 2013 compared with the previous one, and 1.9 percent compared with the same period of 2012, official statistics showed Wednesday.
The Brazilian Institute of Geography and Statistics (IBGE) put the expansion over 12 months at 1.2 percent.
Market analysts had projected growth of 0.8 or 0.9 percent in the first quarter while the Central Bank had forecast a 1 percent expansion.
The biggest advance was in the farm sector, which grew 17 percent compared with the first quarter of 2012. Services also expanded 1.9 percent.
The industrial sector, however, contracted 1.4 percent compared with the first quarter of 2012.
IBGE said the mining sector contracted 6.6. percent, affected by slumping oil production while the civil construction sector retreated 1.3 percent and processing industries 0.7 percent. It was offset in part by higher car production on the back of government incentives.
Comments
Comments are closed.