Brazil's economy slips into a recession

Brazil's economy slips into a recession

Brazil's government says the country's gross domestic product contracted 0.6 percent in the second quarter compared with the previous three months, sending the country's economy into a recession.

SAO PAULO (AP) — Brazil's government says the country's gross domestic product contracted 0.6 percent in the second quarter compared with the previous three months, sending the country's economy into a recession.

The government's IBGE statistics bureau said Friday it was the second consecutive quarterly contraction of the economy.

In the first quarter of the year, GDP was reported as having grown 0.2 percent. But that figure was revised downward to minus 0.2 percent.

The IBGE says the country's GDP stands at 1.27 trillion reals ($567 billion).

 

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