Brazil's GDP reached 756.2billion reais (417.8 billion U.S. dollars) in the second quarter of 2009, up 1.9 percent from the first quarter, the Brazilian Institute of Geography and Statistics (IBGE) said on Friday.
The positive figures mean that Brazil left behind the recession caused by the international financial crisis. In the fourth quarter of 2008 and in the first quarter of 2009, the country had registered contractions of 3.4 and one percent, respectively.
Compared to the second quarter of 2008, however, the GDP was down 1.2 percent. In the first half of 2009, Brazil's GDP registered a 1.5 percent fall from the same period in 2008, and in the past four quarters, the GDP was up 1.3 percent from the previous four-quarter period.
The Brazilian industry, which had registered a very sharp fall in the recession quarters, rose 2.1 percent in the second quarter of 2009. The tertiary sector registered a 1.2 percent expansion, while the agricultural sector shrank 0.1 percent.
The household consumption was up 2.1 percent in the period, the23rd consecutive quarter of rises. Government consumption, on the other hand, fell 0.1 percent in the second quarter.
Compared to the second quarter of 2008, the industrial sector shrank 7.9 percent; the agricultural sector shrank 4.2 percent; and the tertiary sector expanded 2.4 percent. The household and government consumption increased 3.2 and 2.2 percent respectively.
In the second quarter of 2009, investments were stable compared to the first quarter, but fell 17 percent from the second quarter of 2008, the worst decrease since 1996.
The investment rate totaled 15.7 percent of the GDP, down from 18.5 percent in the same period last year and the lowest rate for a second quarter since 2003. In the first half of 2009, the investment rate totaled 16.1 percent, the lowest rate registered for the period since 2005.
The second quarter's results confirmed the Brazilian government's positive estimates. According to Finance Minister Guido Mantega, Brazil has left not only the recession, but also the international financial crisis behind, and is on a sustainable growth path.
"Brazil is having a quick recovery from the financial crisis; it is one of the countries with the fastest recovery," he said.
Minister Mantega said that the figures will be even better in the second half of the year. According to him, Brazil will grow two to three percent in the third quarter, and can register a one percent growth in 2009, despite the crisis.
The Minister believes that Brazil emerged stronger from the recession, but stressed that it is not time to "lower the guard".
"It is the moment to keep working," he said.
Not all sectors agree with Minister Mantega's projections. The Central Bank estimates a lower growth rate for the year, of 0.8 percent. The market, on the other hand, has a different stance, foreseeing a contraction of 0.16 percent.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article