RIO DE JANEIRO, BRAZIL - Brazil's Gross Domestic Product (GDP) contracted 11.2 percent in Q2 compared to Q1 2020, according to the first preview of the June Economic Activity Indicator (IAE), released on Tuesday, August 4th, by the Getúlio Vargas Foundation (FGV).
The collapse in April was the main reason for the quarter's negative performance, given that in June alone, the IAE recorded a 0.7 percent increase over May.
The official extent of the decline, as calculated by the IBGE (Brazilian Institute of Geography and Statistics), will only be disclosed on September 1st.
As compared to . . .