Brazil’s GDP surges back to pre-pandemic levels | Financial Times
Brazil’s gross domestic product expanded faster than expected in the first quarter, bringing Latin America’s largest economy back to where it was before the
pandemic struck at the end of 2019.
Official data released on Tuesday showed that the economy grew 1.2 per cent from the previous quarter, when it expanded 3.2 per cent. Compared with the same quarter last year, the economy grew 1 per cent.
“The growth was quite surprising if you think that a little less than a month ago most economists believed that there was going to be a fall. This will spur hopes of a faster recovery for Brazil,” said Gustavo Cruz, a strategist at RB Investimentos.
Following the stronger than expected results — which analysts attributed to the country’s booming agricultural sector, an uptick in fixed investment and looser sanitary restrictions — several economists said they were revising their forecasts for annual growth upward to 4 per cent, from about 3 per cent currently.