May 29, 20 - 7:03 pm - LABS

Brazil‘s GDP decreases by 1.5% in the first quarter

Brazil‘s Gross Domestic Product (GDP) decreased 1.5% in the first quarter of this year, compared to the fourth quarter of 2019, according to the Brazilian Institute of Geography and Statistics (IBGE) seasonally adjusted data disclosed this Friday.

Speaking in a live webinar event hosted by Valor Capital Group, the Brazilian Central Bank’s president Roberto Campos Neto said that the country’s economy will likely shrink by 5% or more in 2020–which would be a record annual downturn, according to Reuters.

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