Brazil | The recession continued in 4Q15 and GDP dropped 3.8% last year

Summary

GDP declined 1.4% QoQ in 4Q15, somewhat less than in the previous quarters. The figure was somewhat worse than we expected (-1.1% QoQ) and a tad above market consensus (-1.6% QoQ). GDP dropped 3.8% in 2015, mainly due to contractions in investment and private consumption (-14.1% and -4.0% respectively). GDP performance should not be much better in 2016 than it was in 2015.

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