Brazil’s Economy Minister Fernando Haddad believes the country’s economy can grow 3% by the end of the year.
The official’s estimates come after the gross domestic product (GDP) advanced 0.9% in the second quarter, triple what the financial market expected.
“It surprised positively (the result); GDP growth should reach 3%; we have a better expectation than in January; we are happy that the projections of the beginning of the year, made by the ministry, of 2%, are being exceeded,” said the official in statements to the media, according to the newspaper O Globo.
“The government cannot lower its guard because the third quarter (July to September) is key in the projections, and July worried, although preliminary data suggest that economic activity rebounded in August,” Haddad added.
By sector, industry grew by 0.9%, followed by services (0.6%), while the agricultural and livestock sectors fell by 0.9%. On the expenditure side, household consumption grew by 0.9% and that of the government by 0.7%. Exports grew by 2.9%, and imports of goods and services rose by 4.5% compared to the first quarter of 2023.
During the 2023 harvest season, the United States lost the leadership of global corn exports, and the crown now belongs to Brazil, a member of the BRICS group, according to an analysis article published by the specialized media in economics and finance, Bloomberg.
