Brazil’s Gross Domestic Product (GDP) rose 1.0% in the first quarter of 2017, compared to the previous quarter, considering the seasonally adjusted series. In the year-over-year comparison, the GDP dropped 0.4%. The results are identical to forecasts published in IBRE’s Macro Bulletin on May 22.

In the seasonally-adjusted series, the highlight was a 13.4% increase in agriculture and livestock. Excluding this segment, the GDP stabilized in the margin.

Despite the expressive GDP growth in the first quarter, the signs of weakness in the processing industry combined with uncertainties regarding the outcome of the political scenario led FGV's Brazilian Institute of Economics (IBRE) to review 2017 growth projections from 0.4% to 0.2%.