Frustration Over GDP Growth

BRAZIL ECONOMICS - Report 02 Jun 2014 by Affonso Pastore, Cristina Pinotti and Marcelo Gazzano

Nobody had the illusion that GDP growth in the first quarter would bring cheer to the government, but the result was even more frustrating than many imagined: growth was only 0.2% (0.7% annualized), worse than the 0.4% in the last quarter of 2013 (Graph 1). Of even more concern than the extremely weak growth at the start of 2014 is the dismal perspective for the following quarters. The result for the first quarter indicates that GDP for the entire year will be at most about 1%, the worst result during the Rousseff administration.

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