Brasília – The Brazilian minister of Finance, Guido Mantega, said today (9th) that the growth of the country’s Gross Domestic Product (GDP) in the third quarter, to be announced tomorrow, should be 2%.
Mantega stated that in the 12 month period ended in September, the growth rate is 8%. He added that GDP growth in the 12-month period ended December is also expected to be 8%
According to Mantega, the domestic market enabled a fast recovery of the economy, which was affected by the international financial crisis late last year. He added that the industry, the sector most harmed by reduced exports, is already showing signs of full recovery, as is investment in capital goods (purchase of machinery and equipment for the industrial sector).
Mantega also forecasted growth of 5% or more by 2014, and said that he believes that a new cycle of economic growth is beginning. According to him, the country is exiting the crisis stronger, and consolidating a new level of development.
To Mantega, this cycle is also going to be driven by domestic demand. The Brazilian minister of Development, Industry and Foreign Trade, Miguel Jorge, proposed the creation of a post-crisis agenda and of an agenda for the future.
Guido Mantega and Miguel Jorge participate in the meeting of the Social and Economic Development Council.
*Translated by Gabriel Pomerancblum
