Brazil's economy to grow 3 pct in 2013: central bank chief

Source:Xinhua Published: 2013-5-17 17:07:56

Brazil's economy would grow by 3 percent this year, Central Bank President Alexandre Tombini said here Thursday.

"Household consumption is solid and increasing, due to salary growth and job generation. Investment returned in the fourth quarter of 2012 and intensified in the first quarter of 2013," Tombini told a seminar organized by the bank.

Tombini said Brazil was also benefiting from favorable external conditions as one of the main recipients of foreign investment.

Brazil attracted 65 billion US dollars in foreign direct investment in 2012, consolidating its position as the favorite destination for foreign capital in Latin America.

Brazil's economy grew only 0.9 percent in 2012, following an expansion of 2.7 percent in the previous year.

However, after a series of stimulus measures adopted by President Dilma Rousseff's government, a gradual recovery seems to have gained momentum.

According to the central bank's economic activity index released Thursday, the economy grew by 1.05 percent in the first three months of this year, up from 0.63 percent in the final quarter last year.
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