Brazil recession deepening

BRASMLIA: The latest data on Brazil’s industrial production showed deepening recession in Latin America’s biggest economy, though its trade surplus grew and the currency is rising on prospects of a new government.

Industrial output shrank nine percent over the 12 months leading up to February, government statistics showed, with the car-making, machinery and electronic sectors hit the hardest.

The slide appeared to be accelerating with February production 2.5 percent lower than in January.

Exports also slid, by six percent in March compared to the same month last year, according to the trade ministry. AFP