Brazil's economy grew 1.35% in 2012

Brazil's economy grew 1.35 percent in 2012, well above the market forecast of 1 percent, estimated the country's central bank Wednesday. The official figure will be released by the Brazilian Institute of Geography and Statistics (IBGE) on March 1. While the central bank's growth estimate is higher than the market prediction, it still falls short of the government's 4 percent growth projection announced at the beginning of last year. The country's economic activity in December rose 0.26 percent compared with the previous month, lower than November's 0.57 percent compared with October, indicating an economic slowdown towards the end of last year, according to the bank. In 2012, the Brazilian government announced a series of measures to stimulate growth, including cutting the central bank's overnight rate to a record-low 7.25 percent, reducing taxes for industries, increasing credits and lowering prices. For 2013, the government forecasts a 4 percent growth, while the financial market predicts a lower 3.08 percent.