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Brazilians Save One Quarter of GDP |
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Written by Cristiane Ribeiro
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Friday, 16 December 2005 |
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Between July and September, Brazilians saved the equivalent of nearly a quarter of all the wealth produced in the country during the period.
A study by the Brazilian Institute of Geography and Statistics (IBGE) shows that the economy's savings rate in the third quarter of the year amounted to 24.5% of the Gross Domestic Product (GDP). Last year's third quarter rate was 25.4% of the GDP. Despite the drop, the figure for this year's third quarter is still the second best result since 1995, when the IBGE began its Quarterly National Accounts series. It is only surpassed by last year's figure. Maria Laura Muanis, an economist at the IBGE, thinks that the country's savings have reached a high plateau. "All the economic actors, such as families and the government, are saving more," she added. ABr
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With the average brazilian income and your outrageous interests rates.
OR it is simply the wealthiest minority elite that invest 90 % of their wealth in short term investments at 19 % with no risk..... as guaranteed by the government.
Because the average citizen with a regular job is borrowing with your consigned credit program with overall interest rates as high as 150 % per year.
If one borrows at such a high rate, by definition, he could not had saved. Or he would be stupid to invest his cash at 19 % and borrow at 150 % !!!
And those who dont have a regular job (a high percentage) doubtfully save money as they have difficult time just eating and living !
Furthermore, if you take an average brazilian wage, minus social deductions, minus very high taxes, minus the monthly cost of living, it is doubtfull that 25 % remains for savings.
Anyway you take it, if the saving rate is correct, you would not have so much poverty and hunger as you would only go to your banks and take some of your cash to buy food.
Numbers, logic and your statistics dont match !