The Gross Domestic Product (GDP) of Brazil decreased 0.3% in the first quarter 2016 compared to the last quarter of last year, said Wednesday the Brazilian Institute of Geography and Statistics (IBGE).
the IBGE show that Brazil’s recession worsened in the first three months of this year, with GDP registering the fifth consecutive negative result.
Between January and March, Brazil’s GDP reached 1 47 billion reais (about 366 billion euros).
the investment rate in the first quarter 2016 was 16.9% of GDP, lower than in the same period last year ( 19.5%).
According to the IBGE, industrial production registered a contraction of 1.2% in the previous three months, the agricultural sector decreased by 0.3% and the services sector lost 0 2%.
The export of Brazilian goods and services grew 6.5%, against a contraction of 5.6% in imports.
The combined GDP of the 12 months to March It fell 4.7% over the previous year.
compared to the same period of 2015, Brazil’s GDP recorded a 5.4% contraction in the first quarter of this year, the eighth consecutive drop.
in terms of annual growth, industrial production fell 7.3%, construction decreased 6.2% and services fell 3.7%, led to a contraction of 10.7% of trade.
the IBGE study emphasizes that for the fifth consecutive quarter, all domestic demand components showed negative results.
“in the first quarter of 2016, the consumption expenditure of households fell by 6, 3%, a result explained by the deterioration of inflation indicators, interest rates, credit, employment and income over the period, “says the document.
gross fixed capital formation fell 17.5%, the eighth consecutive drop. According to the IBGE, this decline is mainly explained by the decrease of imports and domestic production of capital goods.
In the external sector, exports of goods and services grew 13%, while imports of goods and services fell by 21.7%, both influenced by the currency devaluation of 37% and the performance of economic activity recorded in the period.
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