LatinNews Daily Report - 04 December 2013

ECONOMY | Worst GDP figures since 2009. Brazil posted a quarter-on-quarter contraction of 0.5% in the July-September period, according to the national statistics institute (Ibge), down from 1.8% in the second quarter and its worst quarterly result since the start of 2009. The year-on-year result was up 2.2%. The quarter-on-quarter result was dragged down by weak investment (-2.2%) and exports (-1.4%), which was not sufficiently offset by only marginal growth in household and government consumption (1.0% and 1.2% respectively). The year-on-year results looked better, with investment up 7.3% (led by capital goods), with household and government consumption each up 2.3%.  Net exports were a big drag however (-10.6%). In the first nine months overall, real GDP growth was 2.4% year-on-year, while it came in at 2.3% year-on-year over the rolling four quarters.

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