Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  November 30, 2012 14:26:36

Brazil - GDP Q3 grew half as fast as expected

Brazil 3Q GDP this year grew by 0.6%. The market, however, allowed for growth of 1.2%.
Comments attributed to a significant decrease in the growth rate primarily inability of government incentives to encourage investment in the mood in the country. Investment declined in the 3Q for the fifth quarter in a row. The Brazilian government during the last year cut interest rates to historic lows, cut taxes and increase investment. The measures taken could improve retail sales, but failed to induce firms to invest significant. Investment firm contrast maintain restraint and wait for further development of the global economy. Investments decreased by 2%, and thus represented approximately 18.7% of the economy. If their activity does not increase, the government will have in the next year of the great difficulties in meeting the target GDP growth of 4%.

Consumer spending rose in Q3 by 0.9% from the service sector only stagnated. Best-led agriculture, which grew by 2.5%.

On an annual basis GDP in Q3 of this year grew by 2.4%, well below the government's estimate of 4.7%. Compared 3Q GDP grew by 0.9%, which is the worst outcome of a group of emerging BRIC countries.

Industrial production in Q3 fell by 2.8%, which is again the worst result in the BRIC countries.

The inflation rate in the country has grown year on year in October to 5.45%. According to estimates, the government will have problems to meet next year's inflation target of 4.5%.

Brazilian real during that year weakened against the dollar by 11%, which is most of the 16 monitored basket of currencies in the pair to the U.S. dollar.

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