RIO DE JANEIRO Ė Brazilís economy, boosted by consumer spending and agricultural production, grew 1 percent in 2017, ending a severe two-year recession, the Brazilian Institute of Geography and Statistics (IBGE) said on Thursday.
ďThis (economic growth) gives us hope. Everything is growing in the country. Just look at whatís happened in industry in the short time of this administration. In the past six months, industry recovered and businesses have come a long way,Ē President Michel Temer told Tupi radio.
Brazilís economy contracted 3.5 percent in 2015, the worst performance in 25 years, and another 3.5 percent in 2016, marking the first time since 1931 that the gross domestic product (GDP) fell for two consecutive years.
Economists expect the growth trend to continue, with GDP expanding 2.89 percent this year and 3 percent in 2019.
GDP grew at the highest rate in four years in 2017.
Brazilís economy expanded at a 3 percent clip in 2013 and an anemic 0.50 percent in 2014 before plunging into recession.
South Americaís largest economy, however, is growing at a pace that is well below the 7.5 percent growth achieved in 2010, when Brazil was viewed as one of the most promising emerging economies.
GDP totaled 6.55 trillion reais (about $2.04 trillion) in 2017 and per capita GDP was 31,587 reais (some $9,871), rising 0.20 percent in real terms, the IBGE said.