Brazilian gross domestic product fell 1.7% in the third quarter against the previous quarter, the sixth quarter-on-quarter decline in a row, the Brazilian Census Bureau (IBGE) said Tuesday. GDP was down 4.5% against the third quarter of 2014, the steepest year-on-year decline since the current methodology was introduced in 1996. Virtually all sectors of the economy was affected. Agricultural production plunged 2.5% against the second quarter while industry was down 1.3% and services declined 1.0%. Brazil’s economy has been hit by a number of negative factors, including 10% inflation, towering interest rates and rising levels of consumer debt. Lower international commodities prices have hurt agriculture while competition from cheap imports has undermined manufacturing. A political crisis, caused by a spreading corruption scandal at state-run oil company Petrobras, has led to reduced levels of business and consumer confidence.
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