Brazil's Economy Grows 1.4% in Q2, 3.3% YoY, Surpassing Forecasts

Sep 3, 2024, 12:00 PM

Brazil's economy demonstrated robust growth in the second quarter of 2024, with its gross domestic product (GDP) expanding by 1.4% compared to the previous quarter, according to data released by the government statistics agency IBGE. This growth rate surpassed the 0.9% median forecast predicted by a Reuters poll and the previous quarter's 0.8%. On a year-over-year basis, Brazil's GDP increased by 3.3%, also exceeding the expected 2.7% and the previous year's 2.5%. The growth was primarily driven by household expenditure, despite higher imports of goods.