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Economy in Brazil contracts 1.4% in 2Q

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Brazil suffered the largest contraction in its economy for five years in the second quarter of this year as the largest government spending cuts on record and rising interest rates choked off demand.

Source: Bloomberg News

Brazil's economy had its biggest contraction since 1998 in the second quarter as the largest government spending cuts on record and rising interest rates choked off demand for everything from PSA Peugeot Citroen cars to Colgate-Palmolive Co. toothpaste.

Gross domestic product

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