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Brazilian minister optimistic about the economy |
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2004-7-21
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Predicting a growth of 5 percent GDP, Brazil''s Finance Minister expressed optimism about the country''s economic growth potential in 2004.
"Analysts are adjusting upward their growth projections and I''m never going to argue with the optimists," said Antonio Palocci following a business gathering in Rio de Janeiro.
The government had not yet altered its 3.5 percent GDP forecast for 2004 but “original projections are being overtaken by what the economy is really producing, " said Palocci.
In 2003 the Brazilian economy contracted 0.2 percent but in the first quarter of this year expanded 1.6% percent and latest data suggests a strong economic rebound.
Brazil’s controversial Finance minister insisted that orthodox policies would ensure "strong growth for at least a decade. Brazil must not settle for low growth levels if we are to become a developed country”.
According to the latest data, Brazilian retail sales expanded for the sixth month running and accumulate an 8.4 percent growth this year. May 2004 sales compared to that in the previous year jumped 10 percent.
Among others, white line home equipment expanded 35,5%, food, beverage and cigarettes 5% and clothing, textiles and footwear 22.5%.
The Brazilian Geography and Statistics Office revealed last week that employment during May increased 1% over April, and 0.9% over May 2003.
However, in the first five months of this year the accumulated index actually dropped 0.3% and 0.9% in the last twelve months. |
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