The Federative Republic of Brazil said Friday that its 2011 first quarter Gross Domestic Product (GDP) rose 1.3 percent over the fourth quarter of 2010 in the seasonally adjusted series (5.4 percent in annualized rates), according to data released by the Brazilian Institute of Geography and Statistics (IBGE).
National production of goods and services amounted to R$ 939.6 billion (approximately US$ 563.8 billion, using the Q1 2011 average exchange rate) demonstrating that the Brazilian economy has been expanding at a sustainable pace.
The GDP increase is a result of growth in the agriculture sector (3.3 percent) and the industrial sector (2.2 percent), when compared to the fourth quarter of 2010. The services sector showed growth of 1.1 percent.
“The measures we have been taking in order to maintain sustainable growth rates for the Brazilian economy are showing results, and gross fixed capital formation continues to expand in a steady path, which guarantees economic expansion without generating inflation,” said Minister Guido Mantega, noting that the growth forecast for the economy this year is 4.5 percent.
The information was released by the Secretariat for Social Communication (SECOM) of the Presidency of Brazil, which is responsible for coordinating the public relations activities for the government of Brazil.