Brazil’s economy shrank in the fourth quarter, official data showed, adding to an overall slowdown last year as President Luiz Inacio Lula da Silva again blasted the central bank for high interest rates impeding a swifter recovery. | Reuters
“This citizen who was not elected to anything thinks he has the power to decide things,” Lula said, referring to central bank chief Roberto Campos Neto. “This country can’t be held hostage to a single man.”
He argued that the government has been doing its part to pave the way for monetary easing after partially resuming federal taxes on fuels to boost revenues.Industrial production in Brazil, the region’s largest economy, shrank 0.3 percent during the final three months of last year, while the agriculture and service sectors grew by 0.3 percent and 0.2 percent, respectively, according to the IBGE.
Overall, GDP grew 2.9 percent last year, losing steam from the post-pandemic expansion of 5 percent in 2021. Joao Savignon, head of macroeconomic research at Kinitro, said the economy continues to lose momentum. But he speculated that the slowdown could be partially compensated this year by consumer spending plus better performance from the agricultural sector, yielding projected growth of 1.2 percent for 2023.Economic growth in 2022 was boosted by a stronger job market in addition to fiscal stimulus pushed by former President Jair Bolsonaro ahead of his failed re-election bid.
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