Investor Presentaiton
CORPORATION
Economic growth is expected to pick up from 2013 onwards
Real GDP and annual growth %
BRL bn
2000
1800
1 600
1400
2000-2011 CAGR: 3.5%
%
2012-2017 CAGR: 4.1%
9
8
7
10
6
7 W
1200
1000
800
600
400
200
5
4
3
2
1
0
0
-1
2000 2001 2002 2003 2004
2005
2006 2007 2008
Real GDP
IMF GDP estimate
2009 2010 2011 2012e 2013e 2014e 2015e 2016e 2017e
Actualy/y change (%)
IMF y/y change est. (%)
The Brazilian government is actively stimulating consumption by tax reductions, injecting capital
through investments and by continuously reducing interest rates. Inflation at 5.3% is somewhat over
the Central Bank's target of 4.5%. There is lack of skilled labour at all levels while unemployment
remains record low at around 5.3% (being even lower in the offshore hub of Rio de Janeiro).
December 2012
Source: IMF, DnB Nor
* SELIC down from 12.5% to 7.5% during the past year
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