Africa Business Radio

Brazil’s economy, the largest in Latin America, slid into recession in the third quarter of the year as agricultural production dropped. Brazil’s government statistics agency IBGE says GDP declined 0.1 per cent for the second straight quarterly fall, The drop in the second quarter was revised to a larger 0.4 per cent from the initial estimate of 0.1 per cent compared to the previous three months. The agency says the economy grew four per cent while Farm production fell 8.0 per cent in the third quarter, while manufacturing was flat and the services sector grew 1.1 per cent.