Rio de Janeiro – Brazil’s Gross Domestic Product (GDP), the sum of all goods and services produced in the country, shrank 1.7% in quarter three from quarter two this year. The number was released this Tuesday (1st) by the Brazilian Institute of Geography and Statistics (IBGE) and is the highest Q3 shrinkage rate ever since records started being kept in 1996.
GDP was down 4.5% in Q3 from Q3 2014, and down 2.5% in the 12 months ended September. Year-to-date in 2015, Brazil’s GDP shrank 3.2%.
Agriculture was down 2.4%, industry was down 1.3% and services were down 1%. IBGE numbers also show family consumption dropped 1.5%, while government consumption shrank 0.3%.
*Translated by Gabriel Pomerancblum