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Brazil’s economy goes into recession

By AFP
02 December 2021   |   2:21 pm
Brazil's economy, the largest in Latin America, slid into recession in the third quarter of the year as agricultural production dropped, the government said Thursday.

(FILES) In this file photo taken on October 22, 2021 Brazilian President Jair Bolsonaro (L) and his Economy Minister Paulo Guedes (R) are seen during a press conference at the Ministry of Economy headquarters in Brasilia. – Brazil’s economy entered in a recession by going backwards 0,1% in the third trimester of 2021, the second with negative result, due to the impact of the low activity of the agribusiness, the official institute of statistics (IBGE) informed on December 2, 2021. (Photo by EVARISTO SA / AFP)

Brazil’s economy, the largest in Latin America, slid into recession in the third quarter of the year as agricultural production dropped, the government said Thursday.

GDP declined 0.1 percent for the second straight quarterly fall, the government statistics agency IBGE said.

The drop in the second quarter was revised to a larger 0.4 percent from the initial estimate of 0.1 percent compared to the previous three months.

In comparison to the third quarter of 2020, the economy grew four percent, the agency said.

Farm production fell 8.0 percent in the third quarter, while manufacturing was flat and the services sector grew 1.1 percent, the agency said.

Brazil’s GDP slowdown in the second quarter ended the recovery it had started in late 2020 after the collapse it suffered due to the Covid-19 pandemic.

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