GDP grew 1.6% in the first quarter, projects FGV

The Gross Domestic Product (GDP), the sum of goods and services produced in the country, grew 4.5% in the first quarter of this year compared to the first quarter of 2022. In comparison with the last quarter of last year, economic growth Brazilian reached 1.6%. This is what data from the GDP Monitor, released by the Getulio Vargas Foundation (FGV), point out.

These results are not official, since the GDP calculation is done by the Brazilian Institute of Geography and Statistics (IBGE) and released quarterly.

According to the FGV, considering only the month of March, the Brazilian economy grew 1.8% in relation to February. In comparison with March last year, expansion reached 4.5%.

Comparing the first quarter of this year with the same period last year, household consumption grew by 4.7%, mainly due to consumption of services and non-durable goods.

Investments (gross formation of fixed capital) advanced only 0.2%. The segment’s performance was hampered by the 3.4% drop in machinery and equipment.

Exports increased by 5.7%, driven by products from the mineral extraction industry and services, while imports dropped by 2.1%, due to declines in purchases of agricultural products, mining and intermediate goods.