• Categories
  • Archives

Brazil’s GDP Fall, Worse Than Bad News

The announcement by the Brazil’s statistics bureau, the IBGE, that the Brazilian GDP growth dropped 1.2% in the third quarter, compared to the second quarter was a big shock to the experts in economy.

Miguel José Ribeiro de Oliveira, vice president of the trade association of financial executives, administrators and accountants (Associação Nacional dos Executivos de Finanças, Administração e Contabilidade) (Anefac), declared that the market was expecting bad news, but not that bad.

"When the IBGE announced a negative number it really had a negative effect," said Oliveira.

"It shows that the high interest rates are punishing the industrial sector," he said, adding that the interest rate is more than reasonably high to have caused such a harsh drop in economic activity.

The good news was that there was third quarter GDP growth: it was up 1% compared to the same period in 2004.

Bonus Global 2034

Brazil raised US$ 500 million on Tuesday, November 29, with another offering of government bonds that mature in 2034, known as Bonus Global 2034.

This follows a US$ 1.5 billion emission made in January 2004, and an emission of US$ 500 million in May of this year.

The emission was led by Merrill Lynch and Barclays Capital. The bonds got 99.325% of face value with a yield of 8.311%. Interest payments on these bonds are made every six months.

ABr

Tags:

  • Show Comments (1)

  • Guest

    ๐Ÿ˜› ๐Ÿ˜‰ ๐Ÿ˜ฎ ๐Ÿ˜‰ ๐Ÿ˜€

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Ads

You May Also Like

Brazil Will Keep Growing Agricultural Exports to Arabs in 2010

The Middle East and North Africa are included in the action plans of Brazil’s ...

40 Years of Road and Brazilโ€™s Ben Jor Is Still Fresh

Jorge Ben Jor needs little introduction โ€โ€œ the legendary singer/guitarist has been around the ...

IMF Lauds Brazil But Also Urges Budgetary Reform

IMF’s managing director Rodrigo de Rato, during a press conference in Singapore, Friday, September ...

Salomรญยฉ de Bahia, a Latter-Day Brazilian Diva, Yes, But Much More

Hip cats who’ve been bopping to acid jazz, sipping to bossa lounge, swaying their ...

RAPIDINHAS

Like a mythological phoenix, Trio Mocotó, rises from the ashes with results that are ...

Brazil Beats US and Now Is Number One in Spam

Cisco's 2009 annual report released this Tuesday, December 8, reveals that Brazil surpassed the ...

Up-and-coming Brazilian Singer Lili Rocha Is a Rocking Rising Star

Lili Rocha’s singing career began in the streets and squares of her small native ...

Brazil wants to install condom machines in schools

Condom Machines Won’t Solve Brazil’s Sex and Pregnancy Woes

Once again Brazil is offering a simplistic solution for a serious problem plaguing young ...

Global Warming Might Turn Brazil’s Amazon into Scrubland

The conference held in the United Kingdom early this month on climatic changes cautioned ...