Brazil | A milder GDP contraction in 1Q16

GDP fell 0.3% QoQ in 1Q16, less than in the previous quarters and also than expected. Net exports contributed positively to growth more than expected and were the main driver of the milder decrease of GDP in the period. Today's figures are in line with our view that the intensity of the recession will decline over the year and that GDP will drop "only" 3.0% in 2016.

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