Weekly Report - 14 March 2006

BRAZIL | Modest growth expectations. GDP in the first quarter will be about 1.2% higher than in the last quarter of 2005, according to Ipea, the government's applied economic research institute. Ipea has reaffirmed its earlier prediction that there will be 3.4% GDP growth in this year as a whole, up from last year's meagre 2.3%. In a curiously detached appraisal, Ipea notes: 'The strong growth of 2004, of 4.9%, seems to have created the expectation that some structural change had taken place in the Brazilian economy and that a cycle was beginning of growth at rates higher than the preceding ones, but the results of 2005 returned to the average of the last ten or five years.'

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