SAO PAULO (AP) -- Latin America's largest economy shrank in the fourth quarter of last year compared to the previous quarter as the economic crisis gripped the world and put a halt to Brazil's business boom, the government said Tuesday.The economy contracted 3.6 percent during from October to December compared to the third quarter, Brazil's IBGE statistics agency said.
It was the biggest decline for Brazilian gross domestic product since 1996, when a 5.1 percent drop was registered.
The economy expanded 1.3 percent in the fourth quarter compared to the same period a year ago, but that rate was much lower than the 6.8 percent increase during the third quarter.
Read More
