Brazilian GDP grows
The Brazilian economy expanded 1.9% in the second quarter, beating economist expectations of 1.7% due to strong domestic demand. Brazil has defied expectations by continuing to add jobs throughout the recession as rising consumer demand has helped the country to return to growth. Household spending has improved by an average of 2.1%.
However despite the growth, GDP figures are still 1.2% lower than this time a year ago, as recession has reduced international demand for Brazilian commodities. Positive industrial production figures from China will be welcome news for Brazilian exporters, as a major market for Brazilian products and currency rates for the real have strengthened recently on the back of positive economic growth.
Currency rates for the real are currently at 3.0192 to the pound and 1.8081 to the US dollar.
The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.