In a move that will likely incite central bankers to maintain interest rates at records lowers well into 2010, Brazil’s economic recovery is proving slower than anticipated.
Brazil's third-quarter gross domestic product expanded1.3% quarter-on-quarter, while second-quarter GDP was revised downward to growth of 1.1%. The July-through-September figure was well below market expectations for growth of 1.9%.
While conceding that the third-quarter growth was lower than he had hoped, Finance Minister Guido Mantaga insisted that the economy was on its way to expansion in the year end and 5% advance in 2010.
"For this year, my forecast has been compromised," Mantega said. "I still think we'll have a positive result, but I'm not going to risk making a [new] forecast."
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