Brazil’s gross domestic product (GDP) grew for the second consecutive quarter, ending the recession there on a technical level. But that doesn’t mean the country and its exchange traded fund (ETF) can rest on their laurels just yet…

The economic crisis has dwindled enough in Brazil for the country to see the light, but Brazil’s National Confederation of Industries wants to see more of an industrial rebound before a concrete end to the recession can be called.

Gerald Jeffries for The Wall Street Journal reports that second-quarter growth figures remain good for Brazil. The CNI recognized that the latest data showed that the worst of a recent slowdown had passed. Local industry is anticipated to drag for the coming quarters as it overcomes an 8.6% contraction in the first half of the year.

Joshua Goodman and Andre Soliani for Bloomberg report that Brazil has experienced six months of job growth, supplemented with tax breaks, low borrowing costs and elevated consumer spending to bring Latin America’s strongest economy into recovery mode.

• iShares MSCI Brazil Index  (NYSEArca: EWZ): up 79.9% year-to-date

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Tags: Brazil, Emerging Markets, EWZ, Global ETFs, Latin America