Brazilian economy slows down in March for third consecutive month

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Brazilian economy slows down in March for third consecutive month

(BDCi) – Brazilian government’s economic activity index dropped for the third consecutive month in March, confirming a slowdown in the economy in the period.

The index, known as the IBC-Br, showed economic activity declined by 0.35% in March from February, the central bank said Friday. By comparison, the February index showed a 0.23% decline in economic activity from January.

The weak reading means Brazil’s economy has remained stagnant since nearly falling into recession in the second half of 2011. In the fourth quarter, the economy expanded just 0.30%, a figure that could be easily revised downward when fresh GDP data are released on June 1.

In addition to more interest rate cuts from the central bank, President Dilma Rousseff is likely to announce new stimulus measures this week to offer cheaper credit to buy construction materials as well as tax breaks on consumer loans, senior government officials told Folha do Sao Paulo.

By: Natania Levine
Courtesy: en.mercopress.com
Photo: en.mercopress.com
21 May 2012
9:30 a.m. P.D.T

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