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Brazil economy drops 0.5% in second quarter

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Staff Writer | August 15, 2016
Economic activity in Brazil grew 0.23 percent in June compared to May, Central Bank data showed, slightly above market expectations, in a sign that the worst of a crippling recession could be over.
Brazil economy
LatAm   Brazilian real weakened after the central bank intervened
Nevertheless, in the second quarter, activity contracted 0.5 percent compared to the first three months of the year.

A Reuters poll of economists had forecast a 0.20 percent increase in economic activity in June. It was its best performance since December 2014 and only the second expansion this year.

Still, many economists see the economy improving in the second half of the year as confidence levels start to improve under the government of interim President Michel Temer.

Brazil’s real weakened after the central bank intervened amid comments by acting President Michel Temer that signalled he’s worried about the currency’s world-beating rally this year.