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Brazil's economy slowing as crisis hits

Published: 13 Nov 2008 17:32:48 PST

RIO DE JANEIRO, Nov 13 - The effects of the global financial crisis are spreading in Brazil's economy, Latin America's largest. Following are some recent signs of a slowdown in growth in an economy that expanded at a brisk 6.1 percent pace in the year through the second quarter.

* Sales of new cars and trucks fell 11 percent in October from September, following three years of torrid growth.

* Motorcycle sales dived 26 percent in October from the previous month.

* Major automakers including General Motors and Fiat have ordered thousands of workers to take leaves of absence to avoid building up costly inventories.

* Domestic air traffic fell 3.9 percent in October from a year earlier, the first drop since August 2007.

* Mining giant Vale, Brazil's second-biggest company, said it will cut iron ore output by 10 percent from November as it braces for a global slowdown.

 



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