Brazil's GDP Sees Record Contraction of 9.7% in 2nd Quarter - Statistics Bureau
The GDP of Latin America's largest economy, Brazil, has contracted by a record 9.7 percent in the second quarter of the year as the COVID-19 pandemic continues to burn through the country
BUENOS AIRES (Pakistan Point News / Sputnik - 01st September, 2020) The GDP of Latin America's largest economy, Brazil, has contracted by a record 9.7 percent in the second quarter of the year as the COVID-19 pandemic continues to burn through the country.
According to the government's statistics agency IBGE, this shrinkage compounds over the 2.5 percent drop experienced in the first quarter of the year, altogether coming it at 11.
4 percent below last years' second quarter.
"The GDP is at the same level as at the end of 2009, in the midst of the impact of the global crisis caused by the collapse in the US economy," the institute said in its quarterly report.
The impact was felt across all sectors of the Brazilian economy, with industry, consumption and investment falling by double-digits. Only the agricultural sector saw a slight upturn of 0.4 percent in the IBGE report.