According to the latest figures released Friday by the Brazilian Census Bureau (IBGE), the economy in Brazil saw a growth of 1.9 per cent in the second quarter, taking the Brazilian nation out of recession.

Brazil saw its economy contract by 3.6 per cent in the last quarter of 2008, and 1.8 per cent during the first quarter of this year. GDP for the whole of 2008 was at 5.1 per cent.

The recovery seen in Brazil’s economy was led by an aggressive monetary-easing cycle, tax cuts on consumer goods and government spending. Brazil is the first country in Latin America to emerge from the recession that was caused by the global financial crisis.

The government reported Thursday, a slowdown in inflation in August at 4.5% for the past 12 months.

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