Brazil's economy contracts by larger than expected 1.7%
Economy
Rio de Janeiro - Arab Today
Brazil's economy contracted a larger than expected 1.7 percent in the third quarter compared to the previous one, deepening the recession in the world's seventh largest economy, according to government data out Tuesday.
Economists had projected a decline of 1.3 percent.
In the July to September period of this year, the Brazilian economy shrank a full 4.5 percent compared to the same period a year ago.
That was the biggest drop since the current record keeping system began, said the Brazilian Institute for Geography and Statistics.
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