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LatinNews Regional Monitor: Brazil & Southern Cone - 31 May 2019

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In brief: Brazil

* Brazil’s national statistics institute (Ibge) has released figures for GDP growth, which show that Brazil’s GDP by contracted 0.2% in the first quarter of 2019 compared to teh previous quarter. This is the first quarter-on-quarter contraction since the last quarter of 2016, when GDP shrank by 0.6%. The agricultural and industrial sectors contracted by 0.5% and 0.7% respectively in the first three months of the year, while the services sector grew 0.2%. This quarterly contraction is in line with market expectations, which have been continuously revising GDP forecasts for 2019 downwards since the start of the year. Brazil’s first quarter GDP grew 0.5% year-on-year, and GDP growth over the 12 months to March 2019 totalled 0.9%.