Shocking GDP growth report for Brazil in 2Q of 2024!

Completely rewrite the following article in a fresh and original style. Ensure the new content conveys the same sentiment and message as the original. The rewritten article should:

1. Start with a compelling introduction that hooks the reader (do not label this section).

2. Maintain any lists and points as they are, using numbering and bullet points where necessary. Rewrite the explanations and discussions around these points to make them fresh and original. Ensure the lists are formatted correctly with proper numbering or bullet points.

3. Organize the content into clear, logical sections. Subheadings are not mandatory. Each section should have a subheading only if it enhances readability and comprehension.

4. End with a strong conclusion that summarizes the key points and provides a closing thought or call to action (do not label this section).

5. Ensure it is formatted properly with adequate line spacing

Make sure the article flows coherently, is engaging, and keeps the reader interested until the end. Reorganize and structure the content efficiently to enhance readability and comprehension. Use varied sentence structures and vocabulary to avoid monotony. Avoid directly copying any sentences or phrases from the original content. Here is the original content:

    Brazil posts GDP growth above expectations in 2Q of 2024

        Thursday, September 5th 2024  - 08:05 UTC










    
        
        The IBGE also reported a 1.4% increase in exports of goods and services in the second quarter of 2024         


    According to a report from the Brazilian Institute of Geography and Statistics (IBGE) released this week, the Gross Domestic Product (GDP) in South America's largest country grew 1.4% in the second quarter of 2024 from the year's first trimester, far exceeding expectations, Agencia Brasil reported. The country’s total wealth amounts to R$ 2.9 trillion (nearly US$ 514 billion). The GDP represents the sum of all wealth produced in the country.

    Compared to the second quarter of 2023, the economy grew by 3.3%. The standout performer between April and June this year was the industrial sector, which increased by 1.8% from the first to the second quarter. This was followed by the services sector, which saw a 1% growth.

Agriculture declined by 2.3% between the first and second quarters of 2024 and by 2.9% compared to the same period in 2023. With this week’s announcement, the GDP for this year totals R$ 2.9 trillion, comprising R$ 2.5 trillion in Value Added at basic prices and R$ 387.6 billion in taxes on products. The investment rate in the second quarter, which reflected the economy’s strong performance, stood at 16.8% of GDP, up from 16.4% in the same quarter of 2023.
The strong performance in industry was driven by significant gains in the electricity and gas, water, sewage, and waste management sectors, which rose by 4.2%. This was followed by construction, which grew by 3.5%, and manufacturing, which increased by 1.8%. However, the extractive industries experienced a 4.4% decline in the second quarter compared to the first.
In the services sector, financial, insurance, and related services grew by 2%, while information and communication technology increased by 1.7%. Trade saw a 1.4% rise, followed by transport, storage, and mail, which grew by 1.3%. Administration, defense, public health, education, and social security each grew by 1%, real estate activities rose by 0.9%, and other trade activities increased by 0.8%.
The IBGE also reported a 1.4% increase in exports of goods and services in the second quarter compared to the first while imports of goods and services rose by 7.6% over the same period.
São Paulo Supermarket Association (Apas) Chief Economist Felipe Queiroz highlighted that these results surpassed market expectations. “The Brazilian economy has shown growth, primarily driven by the supply side, particularly in the industry sector, which has experienced a significant and robust recovery. This improvement is partly due to the exchange rate providing some protection for our local industry against international competitors, as well as growth in the services sector,” he stated.