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IBGE: Brazil GDP grows 1% in Q1, officially ending recession

The Brazilian economy grew 1.0% in the first quarter compared to the fourth quarter of 2016 on the back of strong expansion of the agricultural sector, Brazilian statistics agency IBGE shows.

The growth puts an end to eight consecutive quarter-over-quarter declines, breaking the country's yearslong recession.

At current prices, GDP in the first quarter totaled 1.6 trillion Brazilian reais, with growth of 13.4% and 0.9% in the agriculture and industry sectors respectively. Exports of goods and services rose 4.8% in the quarter.

Still, when compared to year-ago levels, Brazil's economy was still down 0.4% in the first quarter, the country's 12th-straight negative result. IBGE said that "all of the internal demand components" have shown negative growth for the eighth consecutive time when compared against the prior-year quarter.

Investment levels shrank to 15.6% of GDP from 16.8% shown in the same period last year.

As of May 31, US$1 was equivalent to 3.24 Brazilian reais.