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Brazil's GDP to grow 6 percent in 2010: report

05-18-2010 13:51 BJT

RIO DE JANEIRO, May 17 (Xinhua) -- Brazil's National Industry Confederation (CNI) predicted Monday the country's gross domestic product (GDP) is to increase by 6 percent this year, as its labor market is showing signs of improvement.

The figures, released by the CNI on Monday, show increases from the previous CNI estimates that predicted a GDP growth of 5.5 percent for this year, and from the figures registered in 2009, when the international financial crisis caused the country's economy to shrink by 0.2 percent.

According to the CNI, the industrial sector will be the main sector to boost Brazil's growth this year, as it is expected to register an expansion of 12 percent after contracting by 5.5 percent amid the world financial crisis last year.

Investments in Brazil are expected to increase by 18 percent in 2010after falling by 9.9 percent last year, while the household consumption, which grew by 4.1 percent last year, is expected to increase by 6.2 percent.

Another forecast, released by the Brazilian Central Bank, also predicted a robust growth for Brazil, projecting the country's economy to grow by 6.3 percent in 2010 and 4.5 percent in 2011.

The inflation rate is also expected to rise to 5.54 percent this year from 4.31 percent in 2009, while the annual basic interest rate Selic, currently at 9.5 percent, is expected to reach 11.75 percent by the end of this year.

The Labor Ministry reported on Monday Brazil's labor market has created a record 305,068 new formal jobs in April, 14.5 percent higher than in March and almost three times the figure registered in the same month last year when 106,205 jobs were created.

Labor Minister Carlos Lupi said the employment situation in Brazil is still recovering after the global recession.

So far this year, 962,327 jobs have been created in the South American country, making the first four months of this year the best employment period in the history of Brazil.

During the first four months, the service sector created 346,400 new jobs, the biggest number of jobs available ever, and the civil construction sector created 166,100 jobs while the trade sector hired 74,000 workers.

The Brazilian government estimated that 2.5 million jobs are to be created by the end of this year. This figure, if confirmed, will be the highest in the country's history.

Editor:Zhang Jingya |Source: Xinhua

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