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A sharp slowdown would have serious consequences for Mr Zapatero.
A sharp slowdown in refinancing hurt the bank's mortgage business.
Conversely, a big correction in the stockmarket could precipitate an uncomfortably sharp slowdown.
But inflationary worries mean the central bank has resisted lowering interest rates, despite the sharp slowdown.
Rather, the shock has come through a sharp slowdown in exports.
Months into a sharp slowdown, Ms. Rousseff's approval ratings stand at more than 60 percent.
This offers some hope that investment can be curbed without a sharp slowdown.
A sharp slowdown in America could conceivably tip Japan back into recession.
But several economists and financial analysts say China could be heading for a sharp slowdown.
It also represented a sharp slowdown from 11.6 percent in October and 9.9 percent in September.
Fitch analysts are careful not to forecast a sharp slowdown in China.
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