Temer celebrates GDP increase as end of recession

President Michel Temer posted on his Twitter account celebrating the Gross Domestic Product (GDP) result for the first quarter of this year, which was 1% bigger than the GDP of the last quarter of 2016: “The recession is over!” he said. Data on Brazilian economy was released today (June 1) by the Brazilian Institute of Geography and Statistics (IBGE).

This has been the first time the GDP has gone up after two years decreasing steadily. In his Twitter post, the president cited measures adopted by the government and the pension and labor reforms currently being discussed in Congress. “Brazil is growing again. And the reforms will make it grow even more,” the president twitted.

Earlier, Finance Minister Henrique Meirelles also commented on the result: “This is a historic day. After two years, Brazil emerged from the worst recession of the century.” According to the minister, the significant growth of the economy at the beginning of this year shows there has been a trend shift.

“There's more we need to do to achieve full economic recovery, but we are on the right track,” he concluded.

Translated by Mayra Borges