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Brazil’s worst-ever recession likely extended into fourth quarter

Brazil’s economy probably contracted for an eighth straight quarter at the end of 2016, offering further proof that Latin America’s largest economy has been in its worst recession ever, a Reuters poll showed on Friday.

Gross domestic product probably shrank 0.4 percent in the fourth quarter from the third after seasonal adjustments, according to the median forecast of 16 economists. Brazil’s GDP contracted 0.8 percent in the third quarter.

Brazil’s economy is expected to have contracted 3.5 percent in 2016, after a decline of 3.8 percent in 2015. Brazil has never experienced such a long and deep period of recession, at least since records began more than a century ago.

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