Brazil's economy shrinks by nearly 4 percent

Staff Writer
Columbus CEO

SAO PAULO (AP) — The Brazilian government says the economy of Latin America's biggest country shrank by nearly 4 percent last year.

The IBGE statistics bureau says gross domestic product contracted by 3.8 percent in 2015, as the country suffered low commodity prices, rising inflation and high interest rates.

Last year saw investment plans slashed and the dismissal of more than 1 million workers.

The figure released Thursday is the worst since 1990, when GDP contracted by 4.3 percent.

GDP in 2015 came to $1.5 trillion while per capita GDP was $7,400 — 4.6 percent less than in 2014.