Source: The Rio Times
Although China and India traditionally lead the group, Russia’s economy has been buoyed by higher commodity prices in recent months, due partly to higher oil prices, leaving Brazil trailing in fourth place.
Data recently released by the IBGE (Brazilian Institute of Geography and Statistics) – showedsluggish growth in the Brazilian economy, with the country’s GDP in the second quarter of 2011 growing by only 0.8 percent over the previous three months.
Of the other ‘traditional’ BRIC countries, the best performance was seen in China with growth in the second quarter of 2011 recorded at 9.5 percent year-on-year, followed by India with 7.7 percent, and Russia on 3.4 percent.
Brazil’s economy, however, has slowed more than its BRIC counterparts, managing only 3.1 percent growth year-on-year. Brazil was still in front of South Africa – who became the fifth and newest member of the extended ‘BRICS’ group in April – whose economy expanded three percent in the second quarter of 2011 year-on-year.
All these countries recorded lower growth figures in comparison to the first quarter of the year, but are still considerably higher than the U.S. and the Eurozone, which have seen annual growth of just 1.6 and 1.7 percent, respectively.