Caution over Investment Projections

BRAZIL ECONOMICS - Report 08 Jul 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
The only good news in the disappointing GDP results for the first quarter was the 4.6% increase in gross fixed capital formation. The question at this point is whether investments will continue on this recovery path, leading the investment rate to rise above 20% of GDP in 2013. The industrial production result for May and the recent evolution of the macroeconomic environment provide a loud and clear warning against optimism in this projection. In May, production of capital goods declined by 3.5%, spread over various segments: output of machinery and equipment fell 7.3%; that of electrical m...

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