Before defining how much of this year’s budget it will cut, the
government will have to take a much more difficult decision. President
Dilma Rousseff and her economic ministers will have to evaluate whether
it is worth keeping the illusion that it’s possible to achieve the
primary-surplus target of 0.5% of GDP. This is the first time in which
the year begins with all private and government economists aware that
the fiscal target is a mirage. The best option for the government may be
showing full transparency to society on the gloomy situation of public
accounts.
Showing posts with label GDP. Show all posts
Showing posts with label GDP. Show all posts
Thursday, February 11, 2016
Thursday, September 9, 2010
Brazilian Inflation Slows to Government Target For First Time This Year
Brazil’s consumer prices rose less than expected in August, falling under the mid-point of the government’s target for the first time this year, the national statistics agency said.
Inflation in Latin America’s biggest economy slowed to 0.04 percent in August from July, less than the 0.08 forecast by 37 analysts surveyed by Bloomberg, the national statistics agency said in a report distributed in Rio de Janeiro today. Annual inflation through August slowed to 4.49 percent, less than the 4.53 percent forecast in the survey.
Inflation in Latin America’s biggest economy slowed to 0.04 percent in August from July, less than the 0.08 forecast by 37 analysts surveyed by Bloomberg, the national statistics agency said in a report distributed in Rio de Janeiro today. Annual inflation through August slowed to 4.49 percent, less than the 4.53 percent forecast in the survey.
Thursday, September 2, 2010
Lula May Offer Real-Linked Bonds Overseas as Yields Tumble
Brazil is considering selling its first real-linked bonds in international markets in three years as yields on the securities fall to the lowest since May relative to local debt.
The government’s international real bonds maturing in 2022 yield 250 basis points, or 2.5 percentage points, less than its domestic real debt maturing in 2021, according to data compiled by Bloomberg. The difference was 184 basis points on July 1. Deputy Treasury Secretary Paulo Valle said yesterday that it’s “very probable” the government will sell foreign bonds denominated in either reais or dollars by year-end.
The yield gap between local and foreign real bonds is widening as international investors seeking alternatives to near-record low rates in the U.S., Japan and Europe pile into Brazil’s real debt issued in overseas markets. Foreigners prefer to buy the international securities because they can trade them more easily and don’t have to pay local taxes, according to Morgan Stanley.
“It’s a fantastic opportunity to issue debt in your own currency in the external market now,” said Silvia Marengo, who manages Latin American debt with Falcon Private Bank in Zurich. “It makes a lot of sense from the government’s perspective.”
The yield on the international real bonds due in 2022 has plunged 131 basis points in the past two months to 9.13 percent. Yields on the 2021 real bonds issued in the local market dropped 65 basis points over that time to 11.63 percent. The gap between the two reached 255 basis points on Aug. 27, the widest since May 7.
The government’s international real bonds maturing in 2022 yield 250 basis points, or 2.5 percentage points, less than its domestic real debt maturing in 2021, according to data compiled by Bloomberg. The difference was 184 basis points on July 1. Deputy Treasury Secretary Paulo Valle said yesterday that it’s “very probable” the government will sell foreign bonds denominated in either reais or dollars by year-end.
The yield gap between local and foreign real bonds is widening as international investors seeking alternatives to near-record low rates in the U.S., Japan and Europe pile into Brazil’s real debt issued in overseas markets. Foreigners prefer to buy the international securities because they can trade them more easily and don’t have to pay local taxes, according to Morgan Stanley.
“It’s a fantastic opportunity to issue debt in your own currency in the external market now,” said Silvia Marengo, who manages Latin American debt with Falcon Private Bank in Zurich. “It makes a lot of sense from the government’s perspective.”
The yield on the international real bonds due in 2022 has plunged 131 basis points in the past two months to 9.13 percent. Yields on the 2021 real bonds issued in the local market dropped 65 basis points over that time to 11.63 percent. The gap between the two reached 255 basis points on Aug. 27, the widest since May 7.
Wednesday, May 12, 2010
Itau Sees Brazil GDP Growing 7.5% ‘Chinese-Like’ Pace in 2010
Itau Sees Brazil GDP Growing 7.5% ‘Chinese-Like’ Pace in 2010
May 12 (Bloomberg) -- Brazil’s economy will grow at a faster, “Chinese-like rate” this year as a result of a stronger global economy and measures taken to stimulate domestic demand, Itau Unibanco Holding SA said.
Latin America’s biggest economy should expand 7.5 percent this year, above a previous estimate for 6.5 percent,
May 12 (Bloomberg) -- Brazil’s economy will grow at a faster, “Chinese-like rate” this year as a result of a stronger global economy and measures taken to stimulate domestic demand, Itau Unibanco Holding SA said.
Latin America’s biggest economy should expand 7.5 percent this year, above a previous estimate for 6.5 percent,
Thursday, January 21, 2010
Brazil's Mantega Paints Positive Picture At Cabinet Meeting - WSJ.com
Brazil's Mantega Paints Positive Picture At Cabinet Meeting
SAO PAULO (Dow Jones)--Brazil is riding the crest of an economic wave with international investors, local consumers and industrial leaders all optimistic about the country's prospects for 2010 and beyond, Finance Minister Guido Mantega told a cabinet meeting Thursday.
According to his presentation, the Finance Ministry expects Brazil's gross domestic product to grow 5.2% in 2010 and average growth to remain at around 5% for the next five years.
The economy is returning to growth at levels seen before the global economic crisis and those levels will be sustainable in the years to come because inflation is under control, the government is committed to fiscal responsibility, exposure to external risk is low and investment levels are high, Mantega said.
The figures presented by the finance minister were broadly in line with market expectations.
He noted that the economy is being driven by domestic demand, which is seen growing 7.3% in 2010, recovering from an estimated 0.1% drop in 2009.
Meanwhile, investment levels are expected to jump this year. Gross fixed capital formation is seen rising 16.1% in 2010, bouncing back from a decline of 10.0% last year, according to government projections.
Industrial production is seen up 7.1% in 2010 after declining an estimated 5.3% last year.
However, Mantega did touch on one negative facet of the economy, namely the deterioration of the country's current account.
His presentation indicated Brazil's current account deficit would widen to 2.09% of GDP in 2010 from 1.55% in 2009.
-By Alastair Stewart, Dow Jones Newswires; 5511 2847-4520; alastaiir.stewart@dowjones.com"
SAO PAULO (Dow Jones)--Brazil is riding the crest of an economic wave with international investors, local consumers and industrial leaders all optimistic about the country's prospects for 2010 and beyond, Finance Minister Guido Mantega told a cabinet meeting Thursday.
According to his presentation, the Finance Ministry expects Brazil's gross domestic product to grow 5.2% in 2010 and average growth to remain at around 5% for the next five years.
The economy is returning to growth at levels seen before the global economic crisis and those levels will be sustainable in the years to come because inflation is under control, the government is committed to fiscal responsibility, exposure to external risk is low and investment levels are high, Mantega said.
The figures presented by the finance minister were broadly in line with market expectations.
He noted that the economy is being driven by domestic demand, which is seen growing 7.3% in 2010, recovering from an estimated 0.1% drop in 2009.
Meanwhile, investment levels are expected to jump this year. Gross fixed capital formation is seen rising 16.1% in 2010, bouncing back from a decline of 10.0% last year, according to government projections.
Industrial production is seen up 7.1% in 2010 after declining an estimated 5.3% last year.
However, Mantega did touch on one negative facet of the economy, namely the deterioration of the country's current account.
His presentation indicated Brazil's current account deficit would widen to 2.09% of GDP in 2010 from 1.55% in 2009.
-By Alastair Stewart, Dow Jones Newswires; 5511 2847-4520; alastaiir.stewart@dowjones.com"
Tuesday, December 22, 2009
Brazil Total Federal Debt Up 1.3% To BRL1.49 Tln In November
Brazil Total Federal Debt Up 1.3% To BRL1.49 Tln In November
BRASILIA (Dow Jones)--Under the impact of net debt issuance and interest accrual Brazil's total federal debt load rose by 1.3% to 1.49 trillion Brazilian reals ($837 billion) in November, the government reported Tuesday.
In a joint statement, Brazil's central bank and treasury said the country's domestic federal debt load denominated in reals rose 1.4% from October to BRL1.39 trillion.
The government reported the overall increase in domestic federal debt came alongside BRL7.92 billion in net debt issuance and BRL11.13 billion in interest accrual. -
Meanwhile, Brazil's outstanding federal debt overseas rose 0.4% from October to BRL102 billion.
Regarding the profile of federal domestic debt in November, treasury officials reported floating-rate debt fell to 37.39% of total domestic debt during the month from 37.66% in October.
At the same time, the share of fixed-rate debt rose to 32.47% from 31.23%.
The share of inflation-indexed bonds fell during the month of November to 28.21% of debt from 29.16%, while exchange-linked debt fell to 0.71% of the total from 0.72% the previous month.
Brazil's government has been attempting to lengthen its debt profile and reduce its exposure to interest-rate risk through increased sales of fixed-rate and inflation-indexed debt.
The government reported Tuesday that average maturity of domestic debt fell to 3.37 years in November from 3.42 years in October.
At the same time, however, the government said the volume of domestic debt maturing in the coming 12 months fell in November to 25.87% from 26.55%.
The average cost of debt coming due in the next 12 months fell to 10.86% annually from 11.15% annually.
The November federal debt figures released Tuesday represent a key element of consolidated public-sector debt figures scheduled for release next week.
Brazil posted net consolidated public sector debt in October of BRL1.33 trillion, equivalent to 44.8% of gross domestic product.
-By Gerald Jeffris, Dow Jones Newswires; (5561) 3335-0832, gerald.jeffris@dowjones.com"
BRASILIA (Dow Jones)--Under the impact of net debt issuance and interest accrual Brazil's total federal debt load rose by 1.3% to 1.49 trillion Brazilian reals ($837 billion) in November, the government reported Tuesday.
In a joint statement, Brazil's central bank and treasury said the country's domestic federal debt load denominated in reals rose 1.4% from October to BRL1.39 trillion.
The government reported the overall increase in domestic federal debt came alongside BRL7.92 billion in net debt issuance and BRL11.13 billion in interest accrual. -
Meanwhile, Brazil's outstanding federal debt overseas rose 0.4% from October to BRL102 billion.
Regarding the profile of federal domestic debt in November, treasury officials reported floating-rate debt fell to 37.39% of total domestic debt during the month from 37.66% in October.
At the same time, the share of fixed-rate debt rose to 32.47% from 31.23%.
The share of inflation-indexed bonds fell during the month of November to 28.21% of debt from 29.16%, while exchange-linked debt fell to 0.71% of the total from 0.72% the previous month.
Brazil's government has been attempting to lengthen its debt profile and reduce its exposure to interest-rate risk through increased sales of fixed-rate and inflation-indexed debt.
The government reported Tuesday that average maturity of domestic debt fell to 3.37 years in November from 3.42 years in October.
At the same time, however, the government said the volume of domestic debt maturing in the coming 12 months fell in November to 25.87% from 26.55%.
The average cost of debt coming due in the next 12 months fell to 10.86% annually from 11.15% annually.
The November federal debt figures released Tuesday represent a key element of consolidated public-sector debt figures scheduled for release next week.
Brazil posted net consolidated public sector debt in October of BRL1.33 trillion, equivalent to 44.8% of gross domestic product.
-By Gerald Jeffris, Dow Jones Newswires; (5561) 3335-0832, gerald.jeffris@dowjones.com"
Wednesday, December 16, 2009
Cinco municípios responderam por 25% do PIB do país em 2007, nota IBGE
Cinco municípios responderam por 25% do PIB do país em 2007, nota IBGE
RIO - Cinco municípios responderam por aproximadamente 25% de toda a renda gerada pelo país em 2007. De acordo com o PIB dos Municípios Brasileiros 2003-2007, divulgado hoje pelo Instituto Brasileiro de Geografia e Estatística (IBGE), São Paulo respondeu, em 2007, por 12% do PIB brasileiro, enquanto Rio de Janeiro ficou com 5,2%; Brasília com 3,8%; Belo Horizonte com 1,4% e Curitiba com 1,4%.
A pesquisa mostra ainda que os 45 municípios mais ricos do país responderam em 2007 por quase metade do PIB, agregando 30,5% da população brasileira. Já os 1.342 municípios com a menor participação relativa foram responsáveis, em conjunto, por 1% do PIB, contando com 3,5% da população do país.
Entre as regiões, a mais desigual em 2007 era a Centro-Oeste, onde Brasília respondeu por 42,4% do PIB regional. Retirando Brasília do cálculo, 16 outros municípios agregaram 50% das riquezas da região. No Norte, sete municípios foram responsáveis por 50% do PIB, enquanto, no Nordeste, foram necessários 21 municípios para atingir 50% do PIB; no Sul, foram 27 e no Sudeste, 13.
De acordo com o IBGE, os cinco municípios com menor PIB foram Olho D´Água do Piauí, São Luís do Piauí, Areia de Baraúnas (Paraíba), São Miguel da Baixa Grande (Piauí) e Santo Antônio dos Milagres (Piauí).
O conjunto das capitais brasileiras representava, em 2007, 34,4% da renda nacional, sendo que as capitais no Norte foram responsáveis pro 2,4% do total; as do Nordeste por 4,5%; as do Sul por 2,9%; as do Centro-Oeste por 5,1%; e as do Sudeste por 19,4%. Apenas Florianópolis, em Santa Catarina, não apresentou o maior PIB do Estado, ficando atrás de Joinville e de Itajaí.
No total, o país fechou o ano de 2007 com 25 municípios com participação superior a 0,5% do PIB do país. Deste total, dez (São Paulo, Osasco, São Bernardo do Campo, Santos, Jundiaí, Campinas, São José dos Campos, Santo André, Barueri e Guarulhos) ficam no Estado de São Paulo; três no Rio de Janeiro (Rio de Janeiro, Duque de Caxias e Campos dos Goytacazes); dois em Minas Gerais (Belo Horizonte e Betim) e mais as capitais Curitiba, Vitória, Recife, Goiânia, Belém, Salvador, Porto Alegre, Fortaleza, Brasília e Manaus."
RIO - Cinco municípios responderam por aproximadamente 25% de toda a renda gerada pelo país em 2007. De acordo com o PIB dos Municípios Brasileiros 2003-2007, divulgado hoje pelo Instituto Brasileiro de Geografia e Estatística (IBGE), São Paulo respondeu, em 2007, por 12% do PIB brasileiro, enquanto Rio de Janeiro ficou com 5,2%; Brasília com 3,8%; Belo Horizonte com 1,4% e Curitiba com 1,4%.
A pesquisa mostra ainda que os 45 municípios mais ricos do país responderam em 2007 por quase metade do PIB, agregando 30,5% da população brasileira. Já os 1.342 municípios com a menor participação relativa foram responsáveis, em conjunto, por 1% do PIB, contando com 3,5% da população do país.
Entre as regiões, a mais desigual em 2007 era a Centro-Oeste, onde Brasília respondeu por 42,4% do PIB regional. Retirando Brasília do cálculo, 16 outros municípios agregaram 50% das riquezas da região. No Norte, sete municípios foram responsáveis por 50% do PIB, enquanto, no Nordeste, foram necessários 21 municípios para atingir 50% do PIB; no Sul, foram 27 e no Sudeste, 13.
De acordo com o IBGE, os cinco municípios com menor PIB foram Olho D´Água do Piauí, São Luís do Piauí, Areia de Baraúnas (Paraíba), São Miguel da Baixa Grande (Piauí) e Santo Antônio dos Milagres (Piauí).
O conjunto das capitais brasileiras representava, em 2007, 34,4% da renda nacional, sendo que as capitais no Norte foram responsáveis pro 2,4% do total; as do Nordeste por 4,5%; as do Sul por 2,9%; as do Centro-Oeste por 5,1%; e as do Sudeste por 19,4%. Apenas Florianópolis, em Santa Catarina, não apresentou o maior PIB do Estado, ficando atrás de Joinville e de Itajaí.
No total, o país fechou o ano de 2007 com 25 municípios com participação superior a 0,5% do PIB do país. Deste total, dez (São Paulo, Osasco, São Bernardo do Campo, Santos, Jundiaí, Campinas, São José dos Campos, Santo André, Barueri e Guarulhos) ficam no Estado de São Paulo; três no Rio de Janeiro (Rio de Janeiro, Duque de Caxias e Campos dos Goytacazes); dois em Minas Gerais (Belo Horizonte e Betim) e mais as capitais Curitiba, Vitória, Recife, Goiânia, Belém, Salvador, Porto Alegre, Fortaleza, Brasília e Manaus."
Valor Online (Rafael Rosas | Valor)
16/12/2009 10:21
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