RIO DE JANEIRO, June 1 (Xinhua) -- Brazil's gross domestic product (GDP) grew by 1.9 percent in the first quarter of 2023 compared with the previous quarter, and increased by 4 percent year-on-year, the Brazilian Institute of Geography and Statistics (IBGE) said Thursday.
According to the IBGE, the GDP of Latin America's largest economy expanded 3.3 percent over the last four quarters.
The good performance of the Brazilian economy is largely thanks to agriculture, especially the growth of soybean exports. In the first three months of the year, Brazil's agricultural growth surpassed 21.6 percent, the biggest breakthrough since the fourth quarter of 1996.
In addition, the service industries -- Brazil's largest economic sector -- grew by 0.6 percent in the first quarter, driven mainly by transport and financial activities, both of which had a growth of 1.2 percent. ■
