Brazilian economy slides further in Q2: report

CNC
Added On August 22, 2017

RIO DE JANEIRO, Aug. 21 (Xinhua) -- Brazil's economy has fallen further in the second quarter of this year, a report released on Monday revealed.

Brazil's gross domestic product (GDP) "shrank 0.24 percent in the second quarter of 2017 compared to the first quarter, when it increased 0.99 percent," according to a study by the prestigious Getulio Vargas Foundation (FGV).

Compared to the second quarter of 2016, the fall in GDP is even sharper, registering 0.30 percent.

The construction sector saw a 7.4-percent decline, which dragged down overall GDP growth in the second quarter.

Brazil's economy has been recovering slowly from its worst recession ever, seeing two consecutive years of negative growth in 2015 (-3.8 percent) and 2016 (-3.6 percent), for the first time since 1931.

The first quarter saw 1-percent growth while the forecast calls for maximum growth of 0.5 percent for the year.