Brazil’s economy expanded for a second successive quarter during the three months to December, defying expectations for a contraction, preliminary figures from the statistical office IBGE revealed Friday.

Gross domestic product grew 0.3 percent from the previous three months, when they rose 0.2 percent. Economists had expected a 0.1 percent fall. In the second quarter, the economy contracted 1.4 percent.

Compared to the same month of 2013, GDP declined 0.2 percent, after a 0.6 percent slump in the third quarter. It was third consecutive annual contraction. However, the pace of decline was less than the 0.7 percent expected by economists.

For the full year 2014, the economic growth was 0.1 percent, which was much weaker than the 2.7 percent expansion registered in 2013.

The material has been provided by InstaForex Company –