Brazil GDP plummeted 9.7% in second quarter due to Covid-19
Since then it has spent billions on stimulus including employment subsidies that has analysts paring their 2020 recession calls
01 September 2020 - 17:48
Brasília — Brazil’s economy registered the biggest drop on record in the second quarter as social isolation measures aimed at slowing the spread of the coronavirus paralysed activity from investments to family consumption.
GDP plunged 9.7% from the previous three-month period, more than the median estimate for a 9.2% tumble from analysts in a Bloomberg survey. From a year ago, Brazil’s economy contracted by 11.4%, the national statistics agency reported on Tuesday. Both drops were the biggest of a series going back to 1996...
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