Brazilian economy contracts 0.48 percent in October 2016

According to data from the Brazilian Central Bank disclosed on 15 December 2016, the Brazilian economy contracted 0.48 percent in October 2016 (Valor, UOL). The drop comes after a milder contraction of 0.08 percent in September 2016. The IBC-Br, an index of economic activity that estimates Brazilian GDP growth by taxes from the agricultural, industrial, and service sectors, has registered a 4.82 percent contraction since the beginning of 2016 and a 5.09 percent contraction in the past twelve months (both ended October 2016). Finance Minister Henrique Meirelles noted on 14 December 2016 that the economic situation remains difficult, but that he is not disappointed by the pace of economic recovery.