Brazilian economy sees quarterly contraction

The Brazilian economy contracted by 0.13 percent in the first quarter of this year, according to the central bank’s Index of Economic Activity (IBC-Br). The IBC-Br acts as a “preview” of actual GDP figures and is based on estimates by the central bank. Brazil has not seen its economy contract since the last quarter of 2016, when it shrank by 0.78 percent. In 2017, Brazil saw GDP growth of 1 percent, ending a severe recession, which saw two consecutive years of