Leuven, Belgium-based Anheuser-Busch InBev said on Thursday that a weakened economy in Brazil, its second largest market had depressed its full year earnings.

The world’s largest beer maker noted that consumer purchasing power in Brazil continues to fall amid high unemployment rate, a difficult situation consumer goods companies are facing in that country. Despite the macroeconomic challenges, the brewer said it grew revenue 2.4% to $45.52bn in 2016, with revenue per hectoliter rising 4.5%, largely driven by revenue management initiatives and brand mix as it continues to implement premiumization strategies. However, it said that total beer volumes declined by 2%, with own beer volumes down 1.4% and non-beer volumes down 6.2%.