Brazil’s economy contracted in the fourth quarter for the first time in over a year, according to data released Thursday by the country’s statistics institute. That represented the continuation of a downturn that is expected to complicate President Luiz Inácio Lula da Silva’s first year in office. GDP in Latin America’s largest economy was weighed down by a decline in industry. Oil production was the only bright spot in the industrial sector in the fourth quarter, with manufacturing, construction and utilities all contracting, the institute said. Lula has spent considerable time bemoaning the fact that the central bank has held its benchmark rate at its highest level since 2016.
Brazil s 4Q22 GDP contraction signals challenge for Lula kstp.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kstp.com Daily Mail and Mail on Sunday newspapers.
Brazil s 4Q22 GDP contraction signals challenge for Lula mymotherlode.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mymotherlode.com Daily Mail and Mail on Sunday newspapers.
Brazil’s economy contracted in the fourth quarter for the first time in over a year, according to data released Thursday by the country’s statistics institute
BRASILIA, Brazil (AP) — Brazil’s economy contracted last quarter for the first time in over a year, government data showed Thursday, in a downturn expected to…