Brazil's economy posts trivial growth in Q3

Brazil's gross domestic product (GDP) grew 0.9 percent in the third quarter of 2012 compared with the same period last year, according to official statistics released Friday. The Brazilian Institute of Geography and Statistics (IBGE) said that the country's GDP was 1.098 trillion reais (514 billion U.S. dollars) in the third quarter, up by a paltry 0.6 percent compared with the previous three months. The economy grew a mere 0.7 percent in the first nine months this year compared on a yearly basis, the IBGE said. The sluggish growth resulted from the poor performance of the tertiary industry, as the sector, which accounts for over half of Brazil's GDP, posted zero growth in the third quarter compared with the second quarter mainly because of higher default rates. Agriculture and livestock farming saw the most positive results, growing 2.5 percent, while the industrial sector grew 1.1 percent, said the institute. The disappointing figures are consistent with the predictions made by the Organization for Economic Cooperation and Development(OECD). According to OECD's report released on Tuesday, Brazil's economy will grow by only 1.3 percent this year, the lowest GDP growth among the BRICS countries in 2012. BRICS groups Brazil, Russia, India, China and South Africa.