Brazil's minister of Development, Industry and Foreign Trade, Luiz Fernando Furlan, believes that the growth of the Brazilian economy in 2004 may reach 5.5%. In the first half of the year, the Minister bet on a 4% increase in the country Gross Domestic Product (GDP), and the government target was 3.5%.

Brazilian sugar exports to the Arab countries practically doubled between 2003 and 2004. Figures supplied by the São Paulo Sugar Cane Agroindustry Union (Unica) reveal that from January to October this year the country shipped 5,347,217 tons of the product to the region, against 2,921,043 in the same period last year.

As the Luiz Inácio Lula da Silva government completes two years in office and prepares to begin 2005, the head of Brazil's Secretariat of Government Communication and Strategic Management, minister Luiz Gushiken, says that the priority will be the social area and hunger combat.

Brazilian shares headed south, as profit taking commenced ahead of the year-end holidays. Trading could be light later in the week, with Christmas falling this Saturday. Brazil's benchmark Bovespa Index fell 122.51 points, or 0.48%. Brazilian shares declined, amid profit taking and expiry of monthly options contracts.