Brazil’s economy expanded slowly this quarter
(BDCi) – Brazil’s economy expanded at the slowest pace in ten quarters in three months through September after policy makers curbed bank lending and raised interest rates to rein in inflation.
Gross domestic product grew 0.3 percent from the previous three months, according to an estimate given to Congress Wednesday by the Finance Ministry in Brasilia.
Policy makers started to cut rates in August and eased curbs on credit this month to shield Latin America’s biggest economy from a slowdown in global growth. Finance Minister Guido Mantega said Wednesday President Dilma Rousseff’s administration will continue to create the necessary conditions for the central bank to reduce interest rates, which are the highest in the Group of 20 nations.
Brazil’s economic growth will accelerate in November and December and will quicken to as much as five percent next year as the government takes measure to reduce borrowing costs for consumers and companies, Mantega told reporters.
By: Natania Levine
Courtesy: Bloomberg.com
Photo: financialtimes.com
24 November 2011
11:58 a.m P.S.T