A year to forget for Brazil isn’t over quite yet, as more bad news has hit the huge South American nation. This time, the weakness comes from the latest GDP report from the country, which was quite poor.
In the report, Brazil revealed that its GDP actually contracted for the most recent quarter (compared to Q2), posting a decline of -0.5%. This was lower than the -0.3% slump predicted by a Bloomberg survey of 38 economists, according to the Financial Times.
The key areas of weakness in the country came from a big slump in agricultural output, which tumbled by 3.5% (q/q), while industry and services were a bit better, showing tiny gains for the time period. Troublingly for the nation though, investment also fell, by 2.2%, suggesting that some are abandoning the country as a destination for capital. (more)
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