Posted by Alexandra on June 25, 2009
The Brazillian Banker’s organization, Febraban (Federação Brasileira de Bancos) has conducted a survey among 30 banks. Apparently, 65% of those think that the Brazilian economy has hit the bottom and that it was on the way to recovery.
Rubens Sardenberg, he chief -economist of Febraban said, “We have seen an important recovery during the last months.”
At the same time, Febraban reduced forecasts for Brazil’s 2009 GDP justifying this with a “correction” in light of the “average of forecasts of the financial markets”.
Yeah sure, Rubens. GDP down, industrial production down, jobs down, salaries down. However, the banks’ shares are up, so everything is ok.
[Source: Folha Online, Brazil]
Posted in Economy | Tagged: Brazil, Latin America | Leave a Comment »
Posted by Alexandra on June 25, 2009
For the fifth consecutive month, industrial production fell in Argentina. In May a fall of 1.7% as compared to the same month a year earlier was recorded, said Indec, the Argentinian government statistics body.
In their monthly distributed bulletin Estimador Mensual Industrial (EMI), Indec pointed out that production in May fell 0.2% as compared to April of this year.
The fall was particularly pronounced for steel and aluminium producers which fell 35.2% year-to-year in May.
The automakers production fell 20.7%, textil industry 12.2% and petrol refineries by 5.4% in the same period.
Not all was bad, however. The chemical industry (12.7%), food & beverages (11%), plastics (10.1%), paper (6.8%) did increase production in the period in question.
These are the official government statistics. The Fundación de Investigaciones Económicas Latinoamericanas (FIEL) has other figures which are more dramatic than the Indec’s.
[Source: La Gaceta, Argentina]
Posted in Economy | Tagged: Argentina, Latin America | Leave a Comment »
