Brazil's economy contracted by 0. 2% in June, official says

SAO PAULO, Sept 1 Reuters: Brazil's economy contracted in the three months to June last month, government statistics agency IBGE said on Wednesday as a recovery stalled more than consensus market expectations.

The decline in Brazil's gross domestic product GDP from the first quarter was worse than the median forecast for 0.2% growth in a Reuters poll of economists and marked a sharp slowdown from 1.2% growth in the prior quarter of the year.

The economy's 12.4% increase from a year earlier was also less than the 12.8% rise economists had predicted from a pandemic baseline.