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LatinNews Daily - 17 August 2020

In brief: Brazil’s economic activity slumps in Q2

* Brazil’s central bank (BCB) has released its indicator of economic activity (IBC-Br), a preview of GDP, for the second quarter of 2020, which shows a 10.94% decline compared with the previous quarter - indicative of the impact of the coronavirus (Covid-19) pandemic. Official figures for first quarter growth showed that Brazil’s economy contracted by 1.5% in the first three months of 2020, compared with the previous quarter. However, the IBC-Br for June was up 4.89% compared with May, showing that activity is picking up as social distancing measures are relaxed. The United Nations Economic Commission for Latin America and the Caribbean (Eclac) has forecast that Brazil’s GDP will contract by a total of 9.2% in 2020.

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