Brazilian economy is recovering fast: central bank

11:29, May 22, 2010      

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Brazil's economic activities are returning to normal levels, according to a study released on Friday by the Central Bank of Brazil.

According to the bank, the Brazilian economy's recovery from the effects of the international financial crisis is evidenced by the GDP growth registered in the second, third and fourth quarters of 2009, as well as the preliminary results registered in 2010.

Earlier in the week, the bank released its Economic Activity Indicator (IBC-Br), which indicated a growth of 2.38 percent in the first quarter of 2010 compared with the fourth quarter of 2009, and a growth of 9.85 percent compared with the same period last year.

For the past 12 months, the bank estimated a year-on-year growth of 3.06 percent.

The central bank said that the economic activity has increased in all the five regions of Brazil. In the most developed southeastern region where a third of the country's industries is concentrated, the growth is mainly propelled by the recuperation of the industrial sector.

The central bank said the industrial expansion can be attributed to the increasing demand in the domestic market and the improvements registered in the credit and job markets.

In the other four regions, the rising demand and the expansion of credit have led to the increased economic activity, according to the bank.

Source: Xinhua


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