RIO DE JANEIRO, March 1 (Xinhua) -- Brazil's economy emerged from a two-year recession to one-percent growth in 2017, the state-run Brazilian Geography and Statistics Institute (IBGE) said on Thursday.
Brazil's gross domestic product (GDP) grew one percent in the last quarter of 2017, compared to the third quarter, expanding for the fourth time in a row.
Compared to the last quarter of 2016, fourth-quarter GDP in 2017 grew 2.1 percent, the agency said.
Growth in Latin America's biggest economy, and the world's seventh largest, was driven by the agricultural sector and increased consumer spending.
Brazil's recovery was mainly driven by agriculture, which saw one percent expansion thanks to a record bumper crop. It marked the best performance for the sector since 1996 when records began to be kept. In 2016, the sector contracted 4.3 percent.
Brazilian industry grew 0.5 percent compared to the third quarter, and 2.7 percent compared to the same quarter of 2016.
The last time industry expanded was in 2013, when it saw 2.2 percent growth.
Brazil's financial markets expect to see continued growth of 2.89 percent in 2018 and three percent in 2019, said IBGE.