Latin America’s largest economy grew 1.2 per cent from the fourth quarter, according to data the national statistics agency released Tuesday.
Brazil’s economy grew more than expected in the first quarter of 2021, continuing its rebound from pandemic recession as many declined to hunker down amid the Wuhan-virus pandemic brutal second wave.
Latin America’s largest economy grew 1.2 per cent from the fourth quarter, according to data the national statistics agency released Tuesday. That was above the 0.7% median forecast from economists surveyed by Broadcast, the real-time financial news service of Agencia Estado. The increase was led by a 5.7 per cent jump in the agriculture sector, and also included a 4.6 per cent surge in investments.
Brazil’s economy has returned to pre-pandemic levels of activity after a 4.1 per cent recession last year that was smaller than its neighbors, some of which contracted by twice as much. In large part that was due to the generous pandemic welfare program that reached about a third of the population and buoyed activity.
At the same time, President Jair Bolsonaro denounced restrictions aimed at containing the pandemic, saying economic activity must not grind to a halt, and he influenced many local leaders and residents.
Even with the second wave of the pandemic, GDP grew in the first quarter, given that, unlike last year, there weren’t as many restrictions that impeded economic activity in the country, the statistics agency’s GDP survey coordinator, Rebeca Palis, said in a statement.