Brazil finmin says economy in worse shape than believed

Reuters

30 November 2016 at 1:42 pm

Brazil's Finance Minister Henrique Meireles speaks during a meeting of the Council for Economic and Social Development (CDES) at the Planalto Palace in Brasilia, Brazil, November 21, 2016. REUTERS/Ueslei Marcelino

BRASILIA (Reuters) - The Brazilian economy is in worse shape than initially believed due to the policies of the past administration, the finance ministry said in a statement on Wednesday. The ministry said it maintained its 2017 economic growth estimate of 1 percent even after data released earlier on Wednesday showed the country's recession deepening after a sharp contraction in the third quarter. (Reporting by Marcela Ayres; Writing by Alonso Soto; Editing by James Dalgleish)

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Brazil finmin says economy in worse shape than believed

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