26 March 2013 17:36 [Source: ICIS news]
SAN ANTONIO, Texas (ICIS)--Brazil’s economic growth remains weak and the country is likely to grow by only 1% in 2013, repeating the meagre performance of 2012, a petrochemical producer said on Tuesday.
Brazil’s GDP expanded by 0.9% last year, down from 2.7% in 2011, according to official figures from the Brazilian government.
The government is projecting stronger growth in 2013, but the outlook for the economy remains bleak, the producer said on the sidelines of the International Petrochemical Conference (IPC) in San Antonio.
Analysts in Brazil surveyed by the country’s central bank are projecting GDP growth of around 3% this year, according to local media reports.
That level of growth is unlikely to be achieved, the producer said, adding that Brazil has struggled to jump start its economy and is now resorting to import restrictions in a bid to protect the local industry.
While levying duties on cheaper imports, including those of petrochemicals, can protect the local industry, the restrictions are also making it more difficult for local producers to import raw material, the producer said.
Hosted by the American Fuel & Petrochemical Manufacturers (AFPM), the IPC continues through Tuesday.
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