Consumer spending maintained its historical growth rate, except for a brief (blue) dip in October 2008.
What nosedived was industrial production, due to dire predictions of economic consultants that advised businessmen to curtail production and investments.
Nouriel Roubini came to Brazil in May, predicting -2% recession, based on his proprietary econometric model of Brazil.
Consumers that do not have access to these elaborate economic forecasts, continued with their lives as usual.
Businessmen that pay for theses economic forecasts should consider if this corporate expense is worthwhile, when budgeting 2010.