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Brazil Slips into Recession
Brazil's gross domestic product, which shrank a revised 0.2% in the first quarter of 2014, contracted 0.6% in April-June, according to the Brazilian Institute of Geography and Statistics (IBGE).
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Brazil's gross domestic product, which shrank a revised 0.2% in the first quarter of 2014, contracted 0.6% in April-June, according to the Brazilian Institute of Geography and Statistics (IBGE).
The two consecutive quarters of decline meet the common definition of a recession. The slump threatens the October re-election hopes of President Dilma Rousseff and strengthens those of Marina Silva, who stepped into the race a few weeks ago after her Socialist Party's candidate was killed in a plane crash.
IBGE says industrial activity dropped nearly 2% from the first to second quarter. Investment fell more than 5%.
The government says it is scrapping its earlier forecast for 1.8% growth and will produce a revised estimate soon. Worried analysts predict no net growth for Brazil this year.
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