RIO DE JANEIRO, May 30 (Xinhua) -- Brazil's gross domestic product (GDP) increased 0.4 percent in the first quarter of 2018 compared to the fourth quarter of 2017, the country's official statistics agency IBGE announced Wednesday.
It was the fifth consecutive rise. Brazil's GDP in the first quarter of 2018 reached 1.6 trillion reais (427.8 billion U.S. dollars), up 1.2 percent year on year.
The agricultural sector grew by 1.4 percent compared to the last quarter of 2017, while the industry and services sectors registered a smaller growth of 0.1 percent, according to the IBGE
The agricultural sector sank 2.6 percent year on year, while industry and services sectors grew by 1.6 and 1.5 percent respectively year on year.
Household consumption rose 0.5 percent compared to the fourth quarter of 2017 and grew 2.8 percent year on year. Governmental consumption slipped 0.4 percent from the previous quarter and fell 0.8 percent year on year.
Exports gained 1.3 percent from the fourth quarter of 2017, and imports were up 2.5 percent. Exports increased 6 percent and imports increased 7.7 percent respectively year on year.
Investments rose 0.6 percent from the previous quarter and gained 3.5 percent year on year. The investment rate was 16 percent, up from 15.5 percent in the first quarter of 2017. The savings rate was 16.3 percent in the first quarter of 2018, up from 15.8 percent in the same period last year.
Brazil is recovering from its worst recession ever, which saw the economy shrink in 2015 and 2016, with GDP falling 7 percent.
In 2017, Brazil's economy grew 1 percent, and this year's forecast called for 3 percent growth, but high unemployment and lower domestic spending have curtailed expansion.
