Brazil economy grew 1.5% in Q2

Brazil, Latin America's leading economy, posted 1.5 percent GDP growth in the second quarter of 2013 compared with the previous three month period, according to official statistics released on Friday. The farm sector showed the best performance, growing 3.9 percent, followed by industry with two percent and services 0.8 percent, the Brazilian Institute of Geography and Statistics (IBGE) said on its website. Compared with the second quarter of last year, GDP expanded 3.3 percent. "The reduction of inflation and the resumption of growth, all this is beginning to dissipate the grey clouds that had gathered over our country," Finance Minister Guido Mantega said overnight at an event in Sao Paulo. The Brazilian economy grew an anemic 0.9 percent in 2012. This year, the government and the International Monetary Fund are banking on 2.5 percent GDP growth while market analysts are forecasting 2.2 percent. In 2011, the country posted 2.7 percent GDP growth after a sizzling 7.5 percent in 2010.