The iShares MSCI Brazil Index ETF (NYSE:EWZ) has returned whopping gains of over 120% so far this year. Companies like Petroleo Brasileiro (NYSE:PBR) and AmBev (NYSE:ABV) have helped push up the market with 100% plus gains themselves. Overall, officials and investors alike have been pretty bullish on the Brazilian economy. However, Bloomberg reported today that GDP growth for the third quarter was disappointing, and that growth expectations would need to be revised.

"Interest rate futures fell and stocks gained after the National Statistics Agency said gross domestic product expanded 1.3 percent in the third quarter from the previous three months, [negatively] surprising all 39 analysts in a Bloomberg survey. Second-quarter growth was revised to 1.1 percent, down from 1.9 percent."

Slower growth is confirming expectations that the central bank will keep interest rates low to help fuel domestic production. The substandard news coming out of Brazil makes you wonder if stocks, like GDP, have been overshot. Companies like BRF Brasil Foods (NYSE:BRFS) that have seen substantial gains but that are trading at extremely high multiples could be a bit overvalued.

What do Fools think -- is Brazil moving too fast, or considering the revised GDP estimates, is it moving slower than you'd thought? If you've got an opinion on any of these stocks or Brazil in general, drop a comment in the box below, or come join us on CAPS, absolutely free, to learn more about these and countless other interesting stock ideas.

Fool contributor Jordan DiPietro doesn't own any shares of the stocks mentioned above. Petroleo Brasileiro is a Motley Fool Income Investor recommendation. The Fool has a disclosure policy.