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Brazil’s GDP Fails to Convince Traders Economy Is Getting Better

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Brazil’s smaller-than-estimated contraction in the first quarter failed to convince traders that Latin America’s largest economy is improving. The Ibovespa extended its worst monthly decline since January.

Gross domestic product contracted 0.2 percent in the first three months of the year, the national statistics agency said Friday. That was a better result than the median estimate of a 0.5 percent contraction from 42 economists surveyed by Bloomberg. Both consumer and government spending retreated.