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Brazil's GDP grows 1.2% in the second quarter, beating expectations

BRASILIA (Reuters) – Brazil’s economic activity accelerated in the second quarter, driven by the services sector, as the country’s October presidential election looms, Latin America’s largest economy is on track in its series at the second highest level.

The economy grew 1.2% in the three months to June, beating the 0.9% forecast of economists polled by Reuters, according to government statistics agency IBGE.

This is the fourth consecutive increase. IBGE said the positive result on the indicator put economic activity 3% above pre-pandemic levels, just below the 2014 th level of a quarter.

The performance in the second quarter was mainly driven by a 1.3% increase in the services sector, as sectors that reacted strongly after the pandemic took a hit account for 70% of the economy.

Meanwhile, industry grew by 2.2% and agriculture by 0.5%.

Activity rose 3.2% from the second quartet 2021, beating expectations by 2.8%.

IBGE also revised its first-quarter gross domestic product (GDP) performance from 1.0% growth to 1.1% previously reported.

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