Rewrite Your Books. Brazil Grew in 2003.

Brazil’s Minister of Finance, Antônio Palocci celebrated the economy’s “surprising” growth and pointed out that last year’s growth figures are meaningful, since they show that the Brazilian economy is vigorous and able to make the adjustment it did without a downturn in the Gross Domestic Product (GDP).

Data compiled by the Brazilian Institute of Geography and Statistics (IBGE) and released yesterday (November 30) reveal that the economy grew 0.5% in 2003, countering previous statistical findings which indicated a -0.2% result.


The IBGE also discovered that in the first nine months of this year, the GDP measured in market prices increased 5.3% compared with the corresponding period the year before. The cumulative rate for the January/November period was the highest in a decade.


Palozzi emphasized that these figures are significant, because they show that the major adjustment introduced by the government last year had a smaller negative impact than previous figures had indicated.


“A 0.2% loss in the GDP was foreseen in consequence of last year’s adjustment and the crisis in 2002, but, now, in light of the IBGE’s definitive numbers, it can be seen that the sacrifice was 0.7% less than what was previously claimed. We experienced a 0.5% improvement,” the Minister said.


The Minister went on to say that this GDP result raises two important questions. One is that Brazil was able to introduce a large-scale adjustment, when compared with a dozen other countries that endured similar crises in 2002.


This suggests a very vigorous economy, capable of making such an adjustment with no loss in GDP.


“This is an important bit of information for an economy with a history of vulnerability. Thus, we can confirm that since 2003, Brazil’s effort has had an extremely positive outcome.”


The second question, according to Palocci, is that, in light of last year’s positive GDP, the foundations for this year’s positive figures are more solid.


“This shows that the pickup in growth in 2004 is more vigorous.”


Agência Brasil
Translator: David Silberstein

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

China’s Courtship of Brazil and LatAm Makes Washington See Red

Last November Chinese President Hu Jintao swept through South American capitals with pledges of ...

Lula Goes to Argentina on a Fence-Mending Mission

Luiz Inácio Lula da Silva, the president of Brazil is expected in Argentina on ...

Brazil to Enlist Doctors in Fight Against Child Abuse

In Brazil, approximately 81% of the childbeating cases that arrive in hospitals are caused ...

Brazil’s Oil Reserves Believed to Be Close to 30 Billion Barrels

Brazil’s National Oil Association (ANP), the country’s oil regulator announced that proven Brazilian oil ...

Brazil Puts a Brake on Interest Cuts. Key Rate Left at High 11.25%

Putting an end to a monetary policy distention which begun over two years ago, ...

PT Gets No Green Backing in Sí£o Paulo, Brazil

They aren’t very big, but the tucanos will be celebrating it as a coup ...

Brazil Calls Again for Summit and Urges US and EU to Cut Farm Subsidies

Brazilian President Luiz Inácio Lula da Silva said this Monday, May 29, that a ...

88% of New Exporters in Brazil Are Micro and Small

Among the 1,020 Brazilian companies that started exporting last year, around 900, or 88%, ...

Brazil’s Bank to Finance Mercosur’s Auto Sector

Brazil’s Minister of Development, Industry and Foreign Trade, Luiz Fernando Furlan, says that the ...