Brazilian economy shows third quarter growth
The Brazilian economy is not set for a recession, the nation’s finance minister has claimed.
Following the announcement that the nation’s economy has grown at an annual rate of 6.8 per cent in the third quarter, Guido Mantega said the global turndown would not result in a recession for Brazil in 2009, which could be good news for anyone with property in Brazil.
Brazzil magazine reports that the nation’s growth was driven by agribusiness and construction, although these sectors have been affected by the global slowdown.
Mr Mantega told the publication growth would grow between five and 5.5 per cent in the fourth quarter, but then slow slightly in 2009.
He added that growth of four per cent in the next year is feasible.
Earlier this week, Brazzil magazine reported that president Luiz Inacio Lula da Silva has said Brazil is in a better position to withstand the global economic meltdown than many other nations.
