Brazil’s Foreign Reserves on the Verge of US$ 200 Billion

International reserves in Brazil are close to hitting the historic mark of US$ 200 billion, despite having recorded a decrease from US$ 199.649 billion, last Friday, June 6, to US$ 198.673 billion, this Monday, June 9.

The figures were disclosed by the Brazilian Central Bank on a daily basis.

In the first business day of the year, January 2, international reserves stood at US$ 181.378 billion. Reserves are described by the Central Bank as a mechanism for the country to resist foreign shock.

Economy Growth

The Brazilian Gross Domestic Product (GDP), i.e. the sum of all goods and services produced in the country, posted growth of 5.8% in the first quarter this year, compared with the same period in 2007.

The GDP grew 0.7% in comparison with the previous quarter. In real values, the GDP reached 665.5 billion Brazilian reais (US$ 409.1 billion).

The figures were disclosed earlier today by the Brazilian Institute of Geography and Statistics (IBGE), which highlighted the expansion of industry, at 1.6%, and of the services sector, at 1%. On the other hand, the institute recorded a decrease in the agricultural sector (-3.5%).

ABr