The better-than-expected 0.3% q/q increase in Brazilian GDP in Q4 will get the headlines, but an excessive reliance on over-stretched consumers to drive growth remains a concern. Meanwhile, revisions to the methodology used to calculate GDP mean that the economy is bigger than previously thought. This has pushed down the size of Brazil’s twin budget and current account deficits when measured as a share of GDP, but hasn’t eliminated the need for government austerity.
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