The Brazilian economy has grown 0.2% in the first quarter this year compared to the previous quarter. The Gross Domestic Product (GDP) – the sum of all goods and services produced in the country – totaled $539 billion in the January-March period, according to data released Friday (May 30) by the Brazilian Geography and Statistics Institute (IBGE).

The performance reflects economic growth in agriculture (3.6%) and services (0.4%) and a slowdown in industry (0.8%).

In comparison with the first quarter last year, GDP rose 1.9%, whereas considering the 12-month period, the cumulative economic growth was 2.5%.

Increases in demand were seen only in government consumption (0.7%), in contrast with decreases in household consumption (-0.1%) and in gross fixed capital formation, i.e. investments (-2,1%). In the foreign sector, exports dropped by 3.3%, while imports rose 1.4%.

The IBGE went on to announce a revision of the 2013 GDP, a common practice of recalculating their figures as new, more complete data comes in. Specifically with GDP, the revision reflects the redesign of the Monthly Survey of Industry – Physical Production (PMI-PF). With the new calculations, the economic growth was revised from 2.3% to 2.5%.