Brazil grows at slower pace

According to official figures, Brazil’s economy grew 0.9% last year.

Despite the upward trend, the economy grew at its slowest pace for three years in 2012, revealed the Brazilian Institute of Geography and Statistics (IBGE).

The results fall behind the government’s prediction of a 4.5% growth. Tax cuts and low interest rates have been implemented to stimulate the economy.

In 2011, Brazil’s economy grew 2.7% and overtook the UK to become the sixth largest economy in the world.