RIO DE JANEIRO, Brazil, (Xinhua) -- Brazil's Economy Minister Paulo Guedes said Thursday that the country's economy is going through a V-shaped recovery.
After the first two quarters this year saw negative growth, official data released on Thursday showed that Brazil's gross domestic product (GDP) expanded by 7.7 percent in the third.
"The economy is rebounding," Guedes told reporters. "It is picking up in a V (shape), it is really picking up."
The "V" shape refers to the pattern of a curve that reflects a quick recovery from a sharp decline.
Due to the impact of the COVID-19 pandemic, Brazil's economy contracted by 1.5 percent in the first quarter from the final quarter of 2019 and shrank by a record 9.6 percent in the second quarter.
The third quarter saw the highest quarterly growth in Brazil's economy since 1996, according to the state-run Brazilian Institute of Geography and Statistics.