Brazil's economy expands 2% in 3rd quarter

South America’s biggest economy, however, sees GDP increase 0.1% on monthly basis

By Ovunc Kutlu

ISTANBUL (AA) - Brazil’s economy expanded 2% in the third 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 slightly higher than the estimate of a 1.9% increase, while South America's biggest economy expanded 3.5% in the second quarter.

The agriculture sector soared 8.8% on an annual basis and the industry posted an increase of 1% year-on-year.

Brazil's economy expanded 0.1% in the third quarter, however, compared to the previous three-month period.

Despite the small gain, that figure managed to beat expectations of a 0.2% contraction but slowed from a 1% quarterly gain recorded in the April-June period.

In the July-September period, mining and construction sectors managed to see an expansion of 0.1% each, however, construction fell by 3.8%.

Kaynak: