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Brazil GDP expands by modest 0.9% in 2012

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Brazil's economy expanded in 2012 at the slowest pace since the global financial crisis, despite a slew of government measures intended to shake Latin America's largest economy out of the doldrums. Gross domestic product expanded a meager 0.9% in 2012 versus a 2.7% advance in 2011, the Brazilian Census Bureau (IBGE) said Friday. That represented the country's worst annual performance since 2009, when the economy contracted 0.3% amid a global economic slowdown that followed the financial crisis. Brazil's industrial sector, which accounts for 30% of the country's economy, saw output contract last year. Consumer spending, however, remained robust during the year because of greater access to consumer credit and tax breaks on sales of cars, trucks, furniture and domestic appliances. 

View the IBGE release here.