LONDON - Brazil’s report on its fourth-quarter economic growth, while falling short of expectations, was enough to cement its ranking as the world’s six-largest economy, according to statistics from Brazil and a ranking from the Centre for Economics and Business Research in London.
In 2011, Brazil’s gross domestic product rose 2.7%, Brazil said Tuesday.
CEBR, which first published a ranking with Brazil in sixth-place in December, calculates that Brazil’s economy was $2.469 trillion vs. U.K.’s GDP of $2.420 trillion, according to a report in the U.K.’s Telegraph, citing the CEBR.
Brazil’s growth slowed a lot in 2011 compared with the torrid 7.5% pace set in 2010, noted Enrique Alvarez, head of fixed-income research at IDEAglobal in New York.
Brazil’s growth “is in more mundane territory for 2011, and the official estimate is 4% for this year,” Alvarez said. “Yes, it may have overtaken the U.K. for now, but the story in and of itself is that Brazil is slowing very markedly.”
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