According to a report released on Thursday by Brazil's central bank, in 2011 Brazil grew at its second slowest pace since 2003, at an increase of only 2.7 percent in the country's economic activity index--an alternative for gross domestic product.
According to Finance Minister Guido Mantega, Brazil's economic growth will pick up during the second half of 2012 due to government stimulus measures. A cycle of interest rate cuts were put in place during August 2011 to shore up demand while the world economy was weakening. Economic activity rose by 0.57 percent during December 2011 from a 1.29 percent gain in November--the first consecutive gain since March 2011.