The Recession Deepens

BRAZIL ECONOMICS - Report 21 Jul 2015 by Affonso Pastore, Cristina Pinotti, Marcelo Gazzano and Caio Carbone

A new set of information published last week confirms that GDP in 2015 will contract by around 2% (or a bit more). Although the IBC-Br for May remained stable (after a decline of 0.9% in the previous month), the carry-over to the second quarter indicates a dip of 1.6% (or 6.4% in annualized terms), meaning contraction of GDP in the second quarter will turn out to be more pronounced than our previous estimation, of 1% (Graph 1).

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