The good news is that the contraction of the economy in the first quarter was only 0.3%, lower than the 0.8% economists expected. Furthermore, the Brazilian Institute of Geography and Statistics found that the year-on-year decline was just 5.4% compared to an earlier findings of 6.1%.
Production fell in all the three main economic sectors; agriculture, industry and services. The fall in agriculture is particularly startling considering how much the nation's economy relies on it, especially through exports of commodities. Surprinsingly, exports actually increased in the first quarter by 6.5% compared to the fourth quarter of 2015.
Read more from the BBC For Fifth Consecutive Quarter Brazilian Economy Falls
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