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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: William H Huebl who wrote (33968)	11/18/1998 8:30:00 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 94695

Brazilian economy shrinks in third quarter, reports note Copyright © 1998 Nando Media Copyright © 1998 Reuters News Service RIO DE JANEIRO (November 18, 1998 6:04 p.m. EST nandotimes.com) - Brazil's economy retracted in the third quarter, reports said Wednesday, spelling further trouble for Latin America's economic powerhouse, which is already reeling from global financial turmoil. Hurt by sky-high interest rates and weak demand, gross domestic product fell 1.5 percent in the quarter from the second quarter, the biggest drop since the 1995 Mexican currency crisis, the National Statistics Institute said. GDP is the broadest measure of a nation's economy. A separate report from Brazil's central bank showed the country's huge budget deficit narrowed in August, but few investors or policymakers were celebrating since the data did not reflect the full impact of the current economic crisis. Indeed, the budget deficit would have been wider if not for a one-time infusion of funds from the sale of government assets, economists said. "Despite the results being slightly better than we expected, it doesn't change the serious situation of the country's public accounts," Odair Abate, chief economist at Lloyds Bank in Sao Paulo, said. "The numbers are still bad enough and the fiscal adjustment program is still essential."