The Brazilian economy expanded at a steady pace in the first quarter, but the rate of growth missed economists' forecast, data released by statistical office IBGE showed Friday.
Gross domestic product increased a seasonally adjusted 0.2 percent quarter-over-quarter in the first quarter, unchanged from the rate of growth seen in the fourth quarter. Economists were looking for a 0.5 percent expansion.
Public consumption expenditure rose 1.5 percent quarter-on-quarter, while private consumption expenditure advanced 1 percent. There was a 1.8 percent sequential increase in gross fixed capital formation during the first quarter.
Compared to the first quarter of 2011, GDP expanded 0.8 percent during the three-month period, notably slower than the 1.3 percent growth economists forecast. In the fourth quarter, the economy grew 1.4 percent annually.
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