By Sarah Brown, Contributing Reporter
RIO DE JANEIRO, BRAZIL - The Brazilian GDP, the largest economy in Latin America, fell by 0.6 percent in the second quarter ending in June, worse than analysts had predicted. In the first quarter revised figures showed a fall in GDP of 0.2 percent, according to data from the IBGE (Brazilian Institute of Geography and Statistics).
A recession is defined as two consecutive quarters of contraction, which classifies Brazil as in a technical recession. However Guido Mantega, Brazil’s finance minister, denies a recession citing the drop in car exports to Argentina as one . . .