The Organization of Petroleum Exporting Countries asserts that ‘concern’ regarding the economies of Latin America and China is one of the reasons that led to forecasts being revised down.
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The data was released by the Brazilian Institute of Geography and Statistics (IBGE). The sector’s performance slowed in comparison with the same period of 2015.
As Brazil’s economy grapples with recession, José Roberto Mendonça de Barros said in a lecture at the Arab Brazilian Chamber that businesses must redouble their export efforts.
Exports to the two countries declined in Q1, both in volume and revenues. Sales overall also slid down over the same period in 2015.
The National Confederation of Industry (CNI) revised down its forecast for the Brazilian GDP in 2016, going from 2.6% to 3.1%.
In its report World Economic Outlook, the fund warns for a more modest growth of the economy and revises down the forecast for the GDP growth of Brazil and Arab countries.
Forecast for the next year calls for an increase of 5% in the sector. Analysis of Dubai’s Chamber of Commerce and Industry says there are opportunities in luxury retail.
Brazilian exports surpassed imports in the first six business days of the month, according to the Ministry of Development. Year-to-date, surplus stands at USD 10 billion.
Financial institutions surveyed by the Brazilian Central Bank are expecting a price raise of 7.14% in 2016, marking the fifth consecutive time the forecast is revised down. Last week it was 7.28%
Ministry of Development opens 30-day public consultation on modifications on nomenclature and common external tariffs of products such as CT scan equipment and acetoin.
Global exports and imports should increase 2.8% in 2016, the same level registered in 2015. It will mark the fifth consecutive year of a growth below 3%.
Through assistance program, the Fund’s technicians will help local authorities in the process of adopting reforms that result in continuous growth. The government is making an effort to revive the economy.
Statistics institute says there was a drop in 11 of 14 metro regions surveyed. The sharpest falls in industrial production occurred in Bahia and Amazonas.
The Ministry of Development launched program to increase productivity of small and medium-size companies. They will receive consulting services and adopt waste-minimizing methods.
