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Brazil's worst-ever recession unexpectedly deepens in late 2016

Brazil's gross domestic product contracted by 3.6% in 2016

Reuters  |  Brasilia 

Brazil's worst-ever recession unexpectedly intensified in the final quarter of 2016, data showed on Tuesday, frustrating hopes for signs of a recovery and stepping up pressure on President Michel Temer and the central bank to do more to stimulate growth. Brazil's gross domestic product contracted by 3.6 per cent in 2016, statistics agency IBGE said, following a 3.8 per cent drop in 2015. The nation's two-year downturn is the longest and deepest on record for Latin America's biggest country. The economic contraction worsened in the fourth quarter, with a ...

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First Published: Tue, March 07 2017. 22:08 IST
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