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Brazil's economy contracts by 1 percent

Brazil's economy contracts by 1 percent

SAO PAULO (AP) — Brazil's Central Bank says the country's economy contracted nearly 1 percent in the second quarter due to a trucker's strike.

The nine-day strike that ended in late May caused fuel shortages, cut into food deliveries and backed up exports.

The Central Bank said Wednesday that Latin America's biggest economy contracted 0.99 percent.

According to the bank, Brazil's Economic Activity Index rose 3.29 percent in June from the previous month, which accounted for nearly all of 3.28 percent drop posted in May. But it was not enough to close the quarter on a positive note.

Brazil's Economic Activity Index is a preview of the Gross Domestic Product. GDP figures for the second quarter are expected to be released at the end of the month.


Updated : 2021-01-22 21:30 GMT+08:00