Brazil’s economy grew by 1 percent in the first quarter of this year, the strongest growth since the second quarter of 2013, the Reuters news agency reports.
“The recession is over,” Brazilian President Michel Temer was quoted as saying. “It’s the result of the measures we are taking. Brazil is growing again and will grow even more with the reforms.”
The Brazilian statistics agency IBGE released the economic data yesterday.
In the January-March period, Brazil’s economy was 0.4 percent smaller than at the same time one year earlier. In the final quarter of last year, the year-on-year contraction was 2.5 percent.
The Brazilian economy contracted 3.8 percent in 2015 and 3.6 percent last year. The recession was the deepest and longest recession since records began in 1901, but growth of 0.5 percent is forecast this year.