Brazilian economy grows 1.3 pct in third quarter and confirms recovery

11 December 2009

Sao Paulo, Brazil, 11 Dec – The Brazilian economy saw growth of 1.3 percent in the third quarter against the previous quarter, but fell 1.2 percent year on year, the Brazilian Geography and Statistics Institute (IBGE) said Thursday.

The IBGE noted that the result for the third quarter confirmed the recovery of the Brazilian economy, which had already posted growth in the second quarter, after a technical recession, due to the global financial crisis.

In the first nine months of this year, the Brazilian economy posted negative growth of 1.7 percent against the same period of 2008.

In the third quarter of this year, the Brazilian economy saw transactions of 797 billion reals, with the industrial and services sectors posting growth of 2.9 percent and 1.6 percent, respectively, against the second quarter.

The official projection is that Brazil will end 2009 with growth of 1 percent of Gross Domestic Product (GDP) and a rate of 6.5 percent between 2010 and 2017, which will turn the country into the world’s fifth largest economy. (macauhub)