Brazil's government on Wednesday hailed the report of 1.1-percent growth in gross domestic product (GDP) in 2019, saying it was a sign of "consistent recovery."
According to the Economy Ministry's Secretariat of Economic Policy, the report by the national statistics institute IBGE pointed to "substantial improvement" in economic activity.
"The make up of GDP indicates substantial improvement, with constant growth in private-sector GDP and private investment, so that the economy is starting to show a dynamism that is independent of the public sector," the secretariat said.
This year, "we expect to see investment pick up, driven by lower interest rates, a rise in corporate profitability and increased credit," the secretariat said, adding "the continuation of the reforms program can also contribute" to that end.
Brazil's economy, Latin America's largest, saw 1.1 percent growth in 2019, the Brazilian Geography and Statistics Institute (IBGE) said on Wednesday.
However, according to the IBGE, the country's three leading economic sectors, including agriculture, industry and services, expanded at a slower pace than in 2018, the institute said.
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