Brazil’s economy contracted by 9.7% during the second quarter


The Brazilian Statistical Institute announced today, Tuesday, that Brazil’s economy contracted during the second quarter of this year at a record rate of 9.7 percent of GDP compared to its level in the first quarter of the year, according to German.
The annual rate of contraction during the second quarter was 11.4 percent of GDP.
It is noteworthy that the quarterly and annual rates of contraction are the highest since the beginning of the publication of GDP data in 1996, which led to the decline of the size of the Brazilian economy to its level in 2009 The emerging Corona virus pandemic had severely affected the main sectors of the largest economy in South America, including the sector Industry, which shrank by 12.3 percent, services that contracted by 9.7 percent, and consumer spending, which contracted by 12.5 percent during the second quarter.


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