Brazil's GDP grows 1.7% annually in Q1

ANKARA

Brazil's gross domestic product (GDP) grew 1.7% in the first quarter, compared to the same period last year, according to figures released Thursday by the Brazilian Institute of Geography and Statistics (IBGE).

While the market expectation was an annual gain of 1.8%, the largest economy in South America annually expanded by 1.6% in the fourth quarter of 2021.

On a quarterly basis, Brazil's GDP increased 1% during the January-March period of 2022, compared to the October-December period of 2021.

Annual inflation climbed to 12.13% in April, its highest level in 26 years, according to IBGE figures released May 11.