Brazil’s gross domestic product fell back by 0.8 percent in the third quarter of this year compared to the second quarter, the Brazilian Census Bureau (IBGE) said Wednesday. It was the seventh quarter in a row for negative growth in what is shaping up as Brazil’s longest post-World War II recession. GDP declined by 2.9 percent against the third quarter of 2015, the IBGE said. Brazil’s economy has been suffering with high levels of both public and private debt. Investments, meanwhile, have stalled in the face of persistent inflation and high interest rates. The third quarter saw a quarter-on-quarter decline of 1.4 percent for agriculture, normally a growth area. Brazilian farm production this year was hurt by dry weather. Industry fell back by 1.3 percent, quarter-on-quarter, while services were down 0.6 percent, the IBGE said. Third quarter GDP performance was broadly in line with market expectations.
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