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Brazil’s GDP Grows Meager 0.5% in Quarter. Lula Minimizes Poor Performance

The Brazilian GDP grew a meager 0.5% in the second quarter threatening do derail the economic targets established by the Lula administration. The new number was announced today, August 31, by the Brazilian Institute of Geography and Statistics.

The government is still betting the economy will grow 4%, but analysts believe the GDP will not be more than 3.5%. Earlier this year, former Finance Minister Antonio Palocci was promising a 4.9% expansion, the same as in 2004.

Why the slow growth? The main cause seems to be the economy’s worse than expected performance. Commerce also wasn’t that bright. The government blames the poor showing on strikes, high number of holidays and all the breaks Brazilian took to watch the Seleção playing in the World Cup in Germany.

Industry was the sector with the worst performance, falling 0.3% between April and June. The best sector, the agricultural one, had a 0.8% growth. Services also expanded, but a little less: 0.6%.

Even after the IBGE announcement, Finance Minister Guido Mantega reaffirmed that he still hopes the economy will grow 4% this year. President Lula downplayed the importance of the low number saying:  
 
"There are insensitive people who often can only see an action through some numbers of macroeconomics and do not realize that a nation is made up by men, women, children and the elderly, with a different perspective on what is going on."

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  • Show Comments (4)

  • ch.c.

    Oops…typing mistake !
    repeating and correcting :
    Just go back to the end of 2005, when Lula GUARANTEED that 2006 will be an exceptional year for the Brazilian economy.

  • ch.c.

    What a liar…this Lula !
    Just go back to the end of 2005, when Lula GUARANTEED that 2005 will be an exceptional year for the Brazilian economy.

    In fact he was not totally wrong. He delivered to his country the World Lowest Economic Growth Rate. Truly exceptional to be so right. And I guarantee you that it will be almost the same from 2007 to 2010 during his second mandate.

    You elected an idiot, a liar, and a crook corrupted like no one, and you are not realizing yet after 4 years how bad this guy really is….because you will re-elect him.

    If a nation is made of men etc…..as Lula said, nations are also governed by leaders.
    These leaders are supposed to take decisions and policies that will be positive for the well being of the society that elected them. On this planet, Brazil is not the only nation.
    The other nations were quite successful in their economic development during the past 4 years. Finding bad excuses and arguments to the worst of the worst leaders who delivered the worst of ALL economic growths…..is unnaceptable.
    The CEO of a company is responsbile to deliver positive results. If he fails he is fired and replaced. The same is done with politicians. But in Brazil, the society applaudes so much the failures and the mismanagement by their leaders that they re-elect them !!!!!

    Is that not great ?
    Truly Masochists the Brazilian society.
    They are born losers and will remain losers if they dont wake up and face the reality.

    Therefore another failure is GUARANTEED.

  • ch.c.

    Also Funny……
    that the excuses provided centered on “high number of holidays and all the breaks Brazilian took to watch the SeleÀƒ§Àƒ£o playing in the World Cup in Germany”

    Were the holidays and the WC not known far in advances ?

    Even worse, the government predicted a higher growth rate due to the WC exactly the opposite of what they are saying now. They predicted a higher growth rate due to the industry of the WC, such as TVs, T shirts and gadgets and all the goods produced and sold for this special occasion.
    NOW ? they just forgot what they said not so long ago by saying the exact opposite-. These crooks should take some memory pills. Brazilian society too !

  • ch.c.

    Yeahhhhhh !
    Lula always finds bad excuses….for his mismanangement….while he always predicts a better future…for tomorrow…and then tomorrow and then tomorrow.
    Although the economy grew meager 0,5 % in the second quarter compared to the first quarter, the 12 monthd growth is now 1,7 %.
    Again, again and again the worst growth rate of ALL the world developing nations. Even compared to most developed nations.
    The only consistency is that you remain consistently at the queue.
    And to show how unhappy you are, you will re-elect the leader responsible for such repeated failures.

    Is that not Greaaaaat ?

    Lula has promised a rosy growth rate for your economy almost every month during his first mandate. He knew he lied and you swallowed and continue to swallow his lies. In Brazil, it looks like the more a politician is corrupted and the more he lies, the more easily the society will vote for him for several terms. You act like Masochists. The weaker you are, the stronger you feel.

    Strange, isnt it ?

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