Brasília – The Gross Domestic Product (GDP) of Brazil grew 2.7% in 2011 in comparison with the previous year, totalling R$ 4.143 trillion (US$ 2.4 trillion). In 2010, the Gross Domestic Product of Brazil grew 7.5%. In proportional terms, the GDP of Brazil, disclosed on Tuesday (6) by the government, presented lower growth than the global average, which was 3.8%, according to the International Monetary Fund (IMF).
Regarding production, agriculture grew 3.9%; industry, 1.6%; and the service sector, 2.7%. In the case of demand, there was growth in family consumption (4.1%), in government consumption (1.9%) and in gross formation of fixed capital, or in investment (4.7%). In per capita terms, the GDP grew 1.8% in 2011. With this the per capita GDP reached R$ 21,252 (US$ 12,240) in current values. In 2010, the per capita GDP had grown 6.5%.
Despite the GDP growth, which is the sum of all goods and services produced in the country, having been lower than expected by the government, Finance minister Guido Mantega maintained an optimistic tone and already forecasts, for 2012, growth of approximately 4.5%.
"What is important is that we started 2012 with the economy gaining momentum. This may be seen in the performance in November and December. This trajectory should continue in the first and second half of 2012 and [GDP growth] will be greater than last year, peaking in the second half of 2012, when the economy should grow over 5%. The average should be between 4% and 4.5%", said Mantega, in a press conference.
To the minister, 2011 was a positive year for the Brazilian economy, mainly as job generation remained at a good level. "It was a good year, even if the GDP not having presented the growth we expected. Despite the 2.7% growth not having been so high, the performance of the economy was satisfactory and we generated two million jobs,” he said.
Mantega pointed out that the figures were only not better because the government was surprised by the dimension of the international economic crisis. “We did not count on the worsening of the crisis in the second half. If that had not happened, our growth could have been closer to 4% than to 3%". However, said the minister, the country picked good results in terms of inflation. “It was reduced and that was one of the objectives of the economic team,” he finished off.
*Translated by Mark Ament
