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Brazil's economy grew in 2012

Posted on Feb 21, 02:56PM | IANS

Brasilia, Feb 21 : Brazil's economy grew 1.35 percent in 2012, well above the market forecast of 1 percent, estimated the country's central bank.

The official figure will be released by the Brazilian Institute of Geography and Statistics (IBGE) March 1, reported Xinhua.

While the central bank's growth estimate is higher than the market prediction, it still falls short of the government's 4 percent growth projection announced at the beginning of last year.

The country's economic activity in December rose 0.26 percent compared with the previous month, lower than November's 0.57 percent compared with October, indicating an economic slowdown towards the end of last year, the bank said Wednesday.

In 2012, the Brazilian government announced a series of measures to stimulate growth, including cutting the central bank's overnight rate to a record-low 7.25 percent, reducing taxes for industries, increasing credits and lowering prices.

For 2013, the government forecast a 4 percent growth, while the financial market predicts a lower 3.08 percent.