The Brazilian economy has fallen 10.98% in the second quarter of 2020 compared to the first quarter of the year, according to a report released by the country’s Central Bank on Friday.
The data is from the Economic Activity Index, a preview report to the Gross Domestic Product (GDP), which will be released by the Brazilian Institute of Geography and Statistics (IBGE) on Sept. 1.
In the first quarter, Brazil had already registered a fall of 1.5% in its GDP, according to IBGE.
President Jair Bolsonaro said on Thursday that Brazil is in a better situation than other countries when it comes to the economic impact of the Covid-19 pandemic and that the Brazilian economy should recover “until the end of the year.”
The unemployment rate in Brazil rose to 13.3% in the quarter ended in June, reaching 12.8 million people, according to the Brazilian Institute for Geography and Statistics (IBGE).
A total of 8.9 million people lost their jobs as the coronavirus pandemic swept through Brazil — representing the sharpest contraction on record.