Brazil's Economy Shrinks in Q3 on High Rates and Falling Commodities
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Brazil's economy contracted 0.64% in Q3 based on central bank data, reversing previous positive performance.
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Decline follows 0.06% drop in September vs August, contrary to expected 0.2% monthly expansion.
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Factors impacting performance include high borrowing costs and declining commodity prices.
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Private economists project 2.89% GDP growth for 2022, down from previous 3.2% estimate.
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Strength earlier in year was due to agribusiness, extractive industries, and measures to boost household income.