Brazilian Fin Minister, central bank at odds on GDP figure
2012-02-17 16:55:33
Finance Minister Guido Mantega said Thursday Brazil's GDP grew three percent in 2011, rejecting the Central Bank's estimate of 2.79 percent.
The Central Bank figure is widely regarded as a preview of the official GDP figures, which will only be released early March. Mantega downplayed the importance of the estimate, saying the official figures will be higher.
"These are not the (official) GDP figures, they are just an estimate. The GDP should be at three percent more or less," he said.
The minister also said that there was an acceleration of the economic activity in the last months of the year and the central bank indicators have shown that.
"It shows that even the industrial sector, which had the largest difficulties, is back in the path of recovery," he said.
Nevertheless, it is widely believed that Brazil's 2011 GDP figures would be much lower than the 7.5 percent growth achieved in 2010 due to the impact of the global financial crisis.
Mantega said growth pace would pick up in 2012, when the GDP would grow between 4 and 4.5 percent depending on the external situation.