Minister of Finance says Brazil could grow 4% as soon as 2014

São Paulo – Minister of Finance, Guido Mantega, said on Friday (August 30) that Brazil may be growing at an average of 4% per year as soon as 2014. In his opinion, that will be possible with an expected international economic recovery boosting exports.

In an interview at the local headquarters of Banco do Brasil in São Paulo, Mantega commented on the latest results of Gross Domestic Product (GDP). According to the Brazilian Institute of Geography and Statistics (“IBGE”),  in the second quarter, Brazil's GDP grew 1.5%, compared to the previous quarter. “This growth rate, if annualized, is equivalent to growth of 6%,” he explained. The performance of Brazil’s GDP was regarded by the minister as good.

In the minister's evaluation, the country will show moderate growth for the rest of 2013. “Our trajectory will be one of moderate growth up to the end of the year, but the tendencies for 2014 are more promising,” Mantega pointed to results already visible in the international scenario.

He mentioned, for instance, the economic recovery of the United States, the European Union and other markets that buy many of Brazil’s products, including the other member-nations of the BRICS, a bloc Brazil belongs to along with Russia, India, China and South Africa. “We’re on the path of economic recovery that will enable us to lower interest rates and create a better dynamic,” he stressed.

Editors: Marco Chagas / Olga Bardawil
Translators: Fabrício Ferreira