Weekly Report - 15 August 2019 (WR-19-32)

BRAZIL | Technical recession looms. Brazil’s central bank (BCB) released its index of economic activity (IBC-Br) on 12 August, indicating that Brazil is now on the brink of a technical recession. The IBC-Br, which is used as a prediction of GDP growth, contracted by 0.13% quarter-on-quarter in the second quarter of 2019, following on from a confirmed 0.2% GDP contraction in the first quarter. The national statistics institute (Ibge) is due to release second-quarter GDP growth figures on 29 August, which will confirm whether or not Brazil has entered into a technical recession this year.

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