Brazil falls into recession as election looms

Aerial view of the port in Rio de Janeiro, Brazil, on June 28, 2014Brasília (AFP) – Brazil, Latin America’s largest economy, has slid into recession, further weakening President Dilma Rousseff, who faces an increasingly tough re-election battle on October 5. GDP shrank 0.6 percent in the second quarter, Brazil’s national statistics institute said Friday, and revised its formerly positive growth estimate for the first quarter down to -0.2 percent. The contraction comes with Rousseff locked in a tough fight to win another term in office, with latest polls indicating a major surge in support for Marina Silva, challenging her from the left. Silva, a former environment minister under Rousseff’s predecessor Luiz Inacio Lula da Silva, shot to prominence after Socialist candidate Eduardo Campos died in a plane crash on August 13.

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