Brazil GDP in Q1 up 5.8% year on year

10 June 2008 17:44  [Source: ICIS news]

HOUSTON (ICIS news)--Brazil’s GDP rose 5.8% to Brazilian reais (R)665.5bn ($408bn, €261bn) in the first three months of 2008 compared with the same period of 2007, the Brazilian Institute of Geography and Statistics (IBGE) said on Tuesday.

Compared with the previous three months, Brazil’s economy expanded by 0.7%.

In the 12-month period ended in March, Brazil’s economy expanded 5.8%, the IBGE said.

The rate of economic growth is indicative of overall petrochemical demand.

Historically, Brazilian demand for thermoplastic resins grows at a rate about 2-2.5 times that of the overall economy, industry sources said.

($1=R1.63, €0.64)

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By: John Waggoner
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