recession

Anadolu Agency

LONDON — Brazil’s economy will shrink by nearly 3 percent in 2016, according to estimates published Monday in a weekly central bank survey of 100 of the country’s economic institutions.

Gross domestic product in Latin America’s largest economy will contract by 2.95 percent in the thirteenth consecutive cut in the outlook for 2016.

The predictions are more than previously expected by economists, as economic output and confidence continue to dwindle amid a prolonged political crisis.

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SÃO PAULO — Joaquim Levy stepped down as Brazil’s finance minister on Friday evening, ending months of speculation over his role. He was replaced by former planning minister Nelson Barbosa, who is seen as closer to leftist President Dilma Rousseff.

Levy was a proponent of tough fiscal measures which he backed to lift Brazil out of the worst recession it has experienced in 25 years.

His appointment and fiscal adjustment plans had been warmly welcomed by the markets, and was widely seen as an attempt by the government to draw greater confidence in the Brazilian economy from investors.

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Anadolu Agency

SÃO PAULO — Brazil is back in recession after official figures announced Friday showed Latin America’s largest economy contracted 1.9 percent in the second quarter of 2015.

Figures from the Brazilian Institute of Geography and Statistics, the IBGE, said the economy had shrunk by 1.9 percent between April and June, after contracting a revised 0.7 percent in the first quarter of the year – itself significantly worse than the result previously announced of -0.2 percent.

A technical recession is defined as two consecutive quarters of negative growth.

The second-quarter figures represent a contraction of 2.6 percent year-on-year – the fifth consecutive negative figure for this comparison.

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Anadolu Agency

SÃO PAULO – The Brazilian economy has fallen into recession a little more than a month before the country’s general elections, according to figures released on Friday by Brazil’s national statistics agency, the IBGE.

Economic output fell 0.6 percent in the second quarter of 2014, compared to the first quarter, the agency said.

Previous figures indicated that the GDP had grown 0.2 percent between January and March, but the revised numbers show the economy had actually shrunk 0.2 percent in the first quarter, signaling a technical recession – defined as two consecutive quarters of negative growth.

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