(MENAFN- AFP) Brazil's economy, the world's seventh largest, contracted by 0.2 percent in the first quarter compared to the final three months of 2014, the government reported Friday.
The figure confirmed a five-year-old slowdown in the South American giant's GDP but was smaller than the 0.5 percent drop that most analysts had forecast.
The economy grew just 0.1 percent in 2014, in its fourth straight year of meager expansion.
And Brazil is preparing for an even tougher stretch this year: the government is forecasting a GDP decline of 1.2 percent, bigger than the 1.0 percent contraction foreseen by the IMF.
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