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Weekly Report - 03 September 2015 (WR-15-35)
BRAZIL: Weak data forces Rousseff to admit “mistake”
The Brazilian economy contracted 1.9% in the second quarter of 2015, compared to the previous quarter, according to data from the national statistics agency (Ibge) released last week. This was the worst result recorded since 2009, bringing Brazil officially into recession following two consecutive quarters of negative economic growth. The weak data forced President Dilma Rousseff to admit errors in her administration of Brazil’s economy, as the Tribunal de Contas da União (TCU), the country’s financial watchdog, is expected to reject the government’s books for 2014.
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