Brazil's GDP Grows 1.2% in The First Quarter, Says IBGE

Number came above estimates; indicator is still below the highest point in 2014

The Brazilian economy grew 1.2% in the first quarter of 2021 compared to the previous quarter, which represents a slowdown in the pace of recovery seen at the end of 2020, according to GDP (Gross Domestic Product) data released on Tuesday (1st ) by the IBGE (Brazilian Institute of Geography and Statistics).

"With the result of the first quarter, the GDP returned to the level of the fourth quarter of 2019, pre-pandemic period, but it is still 3.1% below the highest point of the economic activity of the country, reached in the first quarter of 2014", says the IBGE.

In relation to the same period last year, GDP grew 1.0%, the first positive rate in this comparison since the end of 2019. In the last 12 months, there is still a retraction of 3.8%.

Analysts consulted by Bloomberg agency projected growth of 0.8% compared to the previous quarter and 0.5% compared to the same period in 2020.

"Even with the second wave of the Covid-19 pandemic, GDP grew in the first quarter, since, unlike last year, there were not so many restrictions that prevented the operation of economic activities in the country," said the coordinator of National Accounts of the IBGE, Rebeca Palis.

Translated by Kiratiana Freelon

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