LatAm Daily | The recession deepens in Brazil

Summary

Economic activity contracted 1.7% QoQ / 4.5% YoY in 3Q15, implying that the ongoing recession is deeper than expected and that GDP forecasts should be revised downwards again going forward. In Chile, government expenditures decreased in October due to lower fiscal investment while revenues increased. We do not rule out a MPR hike in Peru due to higher expected inflation.

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