FGV’s Brazilian GDP monitor points toward economic downturn in 2016
FGV’s February GDP Monitor showed a 3.6% economic downturn in Brazil in 2016, according to the Brazilian Institute of Economics (IBRE). In 2016, the Brazilian economy reached its third year under the strongest and longest recession ever experienced by the country in the last century.
“In monetary terms, the Gross Domestic Product (GDP) at current values reached approximately BRL 6.209 trillion. This equals a per capita product of BRL 30,128.00, lower than in 2010 when compared to 2016 prices,” said Claudio Considera, coordinator of the GDP-FGV Monitor.
Activity analyses revealed that industry and services showed less negative variations than in early 2016. After shrinking 6.7% in 12 months until January 2016, industry ended the year with a 3.8% retraction, while services showed a more discreet performance, moving from a 2.9% retraction in 12 months until January 2016 to -2.7% at the end of the year.
The complete study is available, in Portuguese.
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