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Brazil first quarter economy shrinks 0.3%, less than feared

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Rio de Janeiro (AFP)

Brazil's economy, which is grappling with political crisis and its worst recession in decades, shrank a less than feared 0.3 percent in the first quarter of 2016, the government statistics office said Wednesday.

Economic output between January and March had been forecast by Itau Unibanco to fall by 0.8 percent. The year on year GDP shrinkage came to 5.4 percent, well under the 6.1 percent fall forecast by Itau, Brazil's leading private bank.

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