RIO DE JANEIRO Ė Brazilís economy grew 1.2 percent in the first three months of 2018, maintaining its slow recovery after the deep recession it suffered in 2015 and 2016, the Brazilian Institute of Geography and Statistics (IBGE) said on Wednesday.
The growth rate of the gross domestic product (GDP) of South Americaís largest economy exceeded economistsí projections, who expected a 0.9 percent growth rate in the first quarter.
The year-on-year GDP growth was 1.3 percent, the IBGE said.
GDP grew 1 percent in 2017, the highest rate in four years.
The economy expanded at a 3 percent clip in 2013 and an anemic 0.5 percent in 2014 before plunging into recession.
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.
A government report released last week estimated a growth rate of 2.5 percent in 2018, a 0.5 percentage point decrease from an earlier projection of 3 percent.