By Lise Alves, Senior Contributing Reporter
SÃO PAULO, BRAZIL – Brazil’s Gross Domestic Product (GDP), closed the second quarter of 2016 down by 0.6 percent compared to the previous quarter, according to the IBGE (Brazilian Statistics Bureau). This is the sixth consecutive decline in quarterly readings for the GDP showing that the economy is still struggling and recession is far from over.
According to consultancy group Capital Economics, the decline during the second quarter of 2016 was due to another large decline in consumer spending.
“The contraction in GDP . . .