Brazil’s services sector is on the up

Government data indicates that Brazil’s services sector bounced back this summer with services activity rising 0.7 percent between the months of June through to July.

According to the Monthly Survey service, the Brazilian Institute of Geography and Statistics (IBGE), the nominal revenue increased 1.2% between June and July this year.

From June to July tourism activity grew 0.7 percent, up from a 0.6 percent decline in the previous months as according to the IBGE data. This helped to offset a 0.3 percent decline in transportation and mail services.

The increase was also driven by growth in household services (3.2%) and other services (1.9%). Professional and administrative services rose 0.3 percent, while telecommunications and information services were unchanged.

Most recent economic indicators have pointed out to a moderation in Brazil’s recession. Investments grew in the second quarter as companies raised spending on machinery and consumer business confidence indexes have risen significantly.

In August, Brazil’s consumer confidence rose for the fourth straight month and reached the highest level since 2015.

According to the data released by the Getulio Vargas Foundation, the Consumer Confidence Index rose 2.6 points in August from the previous month, reaching 79.3 points, the highest reading since January 2015.

Award winning developer, Ritz-G5, closely follows recent changes in the economy and is feeling optimistic about Brazil’s future. Group CFO, Paul Telfer comments,

“Brazil has faced some economic challenges in the past, however we are now witnessing an improvement in Brazil’s current economic situation. Economic indicators are improving thus signifying a more stable and optimistic outlook for Brazil’s future.”

For more information, contact the Ritz-G5 team on +44 207 183 7565 or visit www.ritz-g5.com.