São Paulo – Although the Brazilian minister Finance Guido Mantega considered the 0.6% GDP growth rate in quarter three lower than expected, this Friday (30th) in São Paulo he claimed to be satisfied with the result released this morning by the Brazilian Institute for Geography and Statistics (IBGE). However, he confirmed that new stimulus measures are being prepared.
“The growth rate was not exactly what we expected, but we are on the right track,” he said. Mantega announced that the federal government will implement financing-oriented measures to keep stimulating the economy. The official announcement should take place in the next few days. “We will leave it for next week,” he said.
Mantega said the reaction of the Brazilian economy in the last few quarters reflects a recovery across all sectors of the economy. However, the growth rate in quarter three was lower than expected. “It was not as high as we hoped. No analyst forecasted a growth rate under 1%. Mantega was referring to approximately 40 consulting firms which made GDP growth forecasts.
*Translated by Gabriel Pomerancblum