Brazil's economy annually expands 3.3% in 2nd quarter

By Ovunc Kutlu

ISTANBUL (AA) - Brazil’s economy annually expanded 3.3% in the second quarter, compared to the same period last year, according to figures released Tuesday by the Brazilian Institute of Geography and Statistics (IBGE).

The figure was higher than the market estimate of a 2.7% increase, while South America's biggest economy annually expanded 2.5% in the first quarter of this year.

In the second quarter of 2024, the agriculture sector contracted 2.9% on an annual basis, but the industry and service sectors expanded 3.9% and 3.5% year-on-year, respectively.

Brazil's economy expanded 1.4% in the second quarter, compared to the previous three-month period.

That figure also came in higher than market expectations of a 0.9% expansion, after showing a 1% growth in the first quarter.

In the April-June period, the industry and service sectors grew 1.8% and 1%, respectively, compared to the previous quarter, according to IBGE.