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Brazil's GDP down 0.8 percent in Q3

Xinhua, December 1, 2016 Adjust font size:

Brazil's economy contracted 0.8 percent in the third quarter of 2016 compared with the second quarter and fell 2.9 percent year on year, the state statistics institute, IBGE, announced Wednesday.

It was the seventh consecutive quarter-on-quarter fall.

All three sectors of the economy fell in the third quarter. Agriculture shrank 1.4 percent, industry 1.3 percent, and the tertiary sector 0.6 percent.

Compared with the same period last year, agriculture, industry and services fell 6 percent, 2.9 percent and 2.2 percent respectively in the third quarter.

From October 2015 to September 2016, Brazil's economy registered an accumulated fall of 4 percent.

Family consumption fell 0.6 percent from the second quarter and 3.4 percent from the same period of 2015. Government spending fell 0.3 percent on the quarterly basis and 0.8 percent from a year before.

In the first nine months of 2016, the Brazilian economy suffered a contraction of 4.4 percent from the previous year. Agriculture fell 5.6 percent and industry fell 5.4 percent, while the services sector accumulated a contraction of 13.5 percent.

In the third quarter of 2016, investment fell 3.1 percent quarter on quarter and 8.4 percent year on year. In the first nine months of 2016, investment dropped 13.5 percent compared with the same period of last year.

Both exports and imports fell. Endi