Brazil's Economy Shrinks by 0.2%

Brazil's economy shrank in the first quarter of the year as severe droughts held back growth.
The government's statistical agency said the country contracted by 2% compared with the previous three months.
However, this was not as bad as the 5% contraction that economists had expected.
Brazil is the seventh largest economy in the world and was once among the fastest growing. It has seen economic growth fall sharply in recent years.
The slowdown is partly a result of low commodity prices, sluggish global growth, and low investor confidence.



wochit_business