Brazil's GDP expands 3.2% in year's 2nd quarter

By Ovunc Kutlu

ANKARA (AA) – Brazil’s gross domestic product (GDP) increased 3.2% on annual basis in the year’s second quarter, according to official figures released on Thursday.

The market expectation in South America’s largest economy was an annual gain of 2.8% after it expanded 1.7% in the first quarter.

On a quarterly basis, Brazil’s GDP was up 1.2% in the April-June period, according to the Brazilian Institute of Geography and Statistics (IBGE).

That was greater than the market estimates of a 0.9% quarterly gain, following a 1% expansion in the year’s first quarter.

The largest quarterly growth of 2.2% was in industry, followed by services at 1.3% and agriculture at 0.5%, the IBGE said in a statement.​​​​​​​