The Brazilian government said gross domestic product contracted for the second consecutive quarter, sending the economy of Latin America's biggest country into a technical recession, AP reported.
The government statistics bureau IBGE said Friday that Brazil's economy shrank 1.9 percent in the second quarter compared with the previous three months.
Gross domestic product in the first quarter contracted by 0.7 percent.
Brazil's economy has been hit by a drop in international commodity prices, sluggish global economic growth, rising inflation and high interest rates.
The IBGE said the biggest drop took place in the industrial sector, where construction output fell 8.4 percent. Government and private investments to increase output dropped 8.1 percent.
In the second quarter, household spending fell by 2.1% compared with the previous three months.
Name (required) *
E-mail (required, but will not be published) *
Notify me of follow-up comments
Golden State Warriors coach Steve Kerr said his new-look team is relishing the pressure entering their 2016-2017 NBA campaign opener on Tuesday…
The facade of the world's tallest building, the Burj Khalifa in the Gulf emirate of Dubai, was lit up in pink Thursday…
It took just seven days for "Wizard of Oz" nostalgics to raise more than $300,000 in a crowdfunding drive to restore Dorothy's…
Powered and Developed by FilmMatters
Copyright © 2016 Arabtoday