Brazil's gross domestic product (GDP) was 2.2 trillion reais ($390 billion) in the third quarter of this year, down 0.1% month on month, according to a report released by the Brazilian Bureau of geographic statistics on the 2nd. The report shows that in the third quarter of this year, the output value of service industry increased by 1.1% month on month, the output value of agriculture and animal husbandry decreased by 8.0%, and the industrial output value was flat month on month. In addition, the Bureau of geographical statistics revised the change range of GDP in the second quarter to a decrease of 0.4%. Bureau official Rebecca Paris said that the end of the soybean harvest season led to a month on month decline in agricultural and animal husbandry output value. In addition, climate factors have also led to a decrease in the output of agricultural products such as coffee beans. As GDP has declined for two consecutive quarters, market participants are generally worried that Brazil's economy may have a new round of technical recession. However, former Brazilian finance minister Michelson Dano Brega said that Brazil's economic growth expectation in 2021 is still at a high level, and the current technical recession does not represent a de facto economic recession. The Central Bank of Brazil recently lowered its economic growth forecast for 2021 from 4.80% to 4.78%. Affected by factors such as high inflation, interest rate hike and government public expenditure breaking the ceiling, Brazilian enterprises and consumer confidence have been hit continuously recently. Since September this year, the government and financial institutions have repeatedly lowered their annual economic growth expectations. (outlook new era)