Brazilian annual GDP growth quickens to 1.3 pct in Q3

Official figures indicate that Brazilian gross domestic product was 1.3 percent bigger in the third quarter of this year than a year earlier, and 0.8 percent bigger than in the second quarter, Reuters reports.

The news agency, citing the government statistics agency, says the rate of growth is the fastest since the first quarter of last year.

The report says the growth was spurred by the lowest interest rates on record and a government effort to boost consumer spending.

Notable contributors to the growth were services and investment, which soared 6.6 percent from the previous quarter, the largest hike in almost nine years, Reuters says.

Separately, the Chinese government-run news agency, Xinhua, quotes Brazilian Finance Minister Eduardo Guardia as saying economic reform should persist because it accelerates growth.

The government forecasts that GDP will grow by 1.4 percent this year, the economy having expanded at an annual rate of 1.1 percent in the first three quarters, Xinhua quotes Mr Guardia as saying.