SAO PAULO Ė Brazilís economy contracted 3.6 percent in 2016, remaining in recession for two consecutive years for the first time since 1930, the Brazilian Institute of Geography and Statistics (IBGE) said Tuesday.
The GDP figure was slightly worse than expected by the financial markets, which projected a 3.5 percent drop in economic output for 2016.
The economy contracted 2.5 percent in the fourth quarter of 2016, compared to the same period a year earlier, the IBGE said.
Brazilís economy, the largest in Latin America, contracted by 3.8 percent in 2015 and 0.10 percent in 2014.
The drop in economic output last year was driven mainly by the agricultural sector, which contracted 6.6 percent, manufacturing, which fell 3.8 percent, and services, which contracted 2.7 percent.
On the trade front, exports rose just 1.9 percent and imports plunged 10.3 percent.
Brazilís GDP totaled 6.2 trillion reais (about $2 trillion), while per capita GDP fell 4.4 percent to 30,407 reais (about $9,765), the IBGE said.