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Brazil Sinks into Recession on Second Quarter Output Contraction
razil's economy sank into deep recession in the second quarter as falling commodity prices, high inflation and political turmoil combined to decimate consumer and business confidence, sending output well below expectations. Brazil's gross domestic product contracted 1.9% in the second quarter from the previous three months in seasonally adjusted terms, the Brazilian Institute of Geography and Statistics, or IBGE, said Friday. That was worse than the median estimate in a market poll by the local Agê ncia Estado newswire, which had forecast a 1.7% contraction. In a major revision, the IBGE downgraded its GDP figure ... (full story)