World Bulletin / News Desk
Brazil confirmed its slow exit from the country's worst recession on record Friday with the economy nudging up 0.2 percent, the second straight quarter to show growth, the official statistics office said.
Brazil plunged into negative growth with 3.8 percent shrinkage in 2015 and 3.6 percent last year, reversing what had been touted as one of the world's most promising markets. Analysts blame the sharp drop in commodities prices, endemic corruption and the country's inefficient economy.
The IBGE statistics office said that growth in the second quarter was driven by services, which account for a third of economic output. The sector rose 0.6 percent, compared to zero movement in the first quarter.
However, industry shrank half a percentage point, compared to 0.9 percent growth in the first quarter. Agriculture, which underpinned first quarter growth thanks to bumper harvests, was flat in the second quarter.
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About 12 minutes into trading, the Dow Jones Industrial Average was at 25,675.70, up 0.4 percent.
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Gas prices also rising in US, forecast to hit highest levels since 2014
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‘We think the recovery is firm and the momentum is there says World Bank Development Prospects Group Director
Fiscal, monetary policies pushed economy 'to a much stronger-than-expected rebound in growth,' bank says
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BIST 100 gains 0.75 percent; US dollar-Turkish lira exchange rate hovers at around 3.74; euro-lira rate falls to 4.49