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21/02/2018 - 12:43hs

Brazilian GDP grew 1%, says FGV

Fundação Getulio Vargas’ index shows that Brazil’s economy grew last year. However, this is not the official GDP, which is measured by the Brazilian Institute of Geography and Statistics (IBGE) and comes out in March.

Rio de Janeiro – The Brazilian Gross Domestic Product (GDP), the sum of all goods and services produced in the country, grew 1% in 2017 and reached BRL 6.51 trillion (USD 2.05 trillion), according to the GDP Monitor of Fundação Getulio Vargas (FGV). The index, released this Tuesday (21), is not an official one, since the GDP is measured officially by the Brazilian Institute of Geography and Statistics (IBGE), which will release its index on March 1.

According to FGV, the index went up after two years of decline, with positive results in agriculture (12.8%), industry (0.1%) and services (0.3%). In industry, the sharpest growth was seen by mineral extraction (4.5%). Construction (-5%) had the only decline in the industry sector. In services, the highlight was retail (1.8%). Transportation (1.1%), real estate (1%) and other services (0.7%) also registered a growth. Information (-1.7%), financial intermediation (-1.6%) and public administration (-0.6%).

Regarding demand, household consumption, with an 1.1%, increase, and exports, with a 6% growth, were the factors driving up the growth of the Brazilian economy. Investments declined 1.9% and government consumption went down 0.5%. Imports increased 4.9%.

*Translated by Sérgio Kakitani

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