At the beginning of the year, the Ministry of Finance set its target
for 2012 GDP growth at 4.5%. Yesterday, the minister of Finance, in
testimony before the Senate Economic Affairs Committee, admitted it
would be less. Guido Mantega said the Brazilian economy would grow 4%.
That 4% is still more optimistic than the market’s forecast. The latest
weekly financial market survey found that institutions and brokers are
working with GDP growth in 2012 of slightly more than 3% (3.09%, to be
exact).