Brazil GDP Up 1.9% in 2Q 2009
2009 SEP 25 - (VerticalNews.com) -- The Brazilian government announced that 2009 second quarter real gross domestic product -- the output of goods and services adjusted for inflation -- increased 1.9 percent from the first quarter of 2009, according to data released by the Brazilian Institute of Geography and Statistics (IBGE). This marks a return to growth from the contraction in the first quarter of 2009 -- when GDP fell 1.0 percent.
"With this data, it is clear that Brazil's economy has rebounded from the global financial crisis," said Finance Minister Guido Mantega. "This performance defies analysts' previous forecasts and bodes well for 2010. Based on positive trends in industry, services and employment rates, we expect continued growth in the Brazilian economy next year."
Brazil's growth was boosted by an increase of 3.2 percent in domestic demand, in comparison with the same period of 2008, and an increase of 2.2 percent in public administration consumption, over the same period. These growth trends reflect the quick effect of the government's countercyclical measures.
The increase in real GDP in the second quarter of 2009 in the seasonally adjusted series primarily reflects an increase in industrial activity of 2.1 percent. Agriculture registered a decrease of 0.1 percent and services increased by 1.2 percent over the same period.
To access the full press release in Portuguese, please visit IBGE's website at http://www.ibge.gov.br/home/.
SUMMARY TABLE -- Main results of GDP at market prices from Q2 2008 to Q2 2009
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This article was prepared by VerticalNews Economics editors from staff and other reports. Copyright 2009, VerticalNews Economics via VerticalNews.com.