The International Monetary Fund says economic diversification beyond oil will only come with the adoption of structural reforms. The institution projects GDP growth of 2.6% this year and 3.8% in 2026.
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Through November this year, Brazilian exports to the Arab country rose 1.3%, while imports were 9.2% higher than in the same period last year.
Saudi oil company’s profit fell 2.3% in the third quarter of this year due to declining oil prices. Uncertain demand has been affecting the market.
A survey conducted by the IMF shows that consumption, government investments, and job creation are responsible for the expansion of the Gulf country.
The GDP of the Arab country grew less in 2024 but is expected to advance this year based on the performance of the oil sector. Public spending also supports part of Libya’s economy.
The year-on-year growth was driven by the non-oil sector of the economy.
The field is located in a partitioned region between the two countries and has a production capacity of over 500 barrels per day.
TIC Quality Control is expected to open a branch in São Paulo in the second half of the year to offer quality control and inspection services to Brazilian companies.
A disruption in oil exports impacted the Arab country’s growth last year, but GDP is expected to benefit from the sector’s expansion in 2025, according to the IMF. Libyans are currently producing nearly 1.4 million barrels per day.
The country produced 3.48 million barrels of oil per day in February, with the largest volume coming from offshore fields and the pre-salt layer.
In 2024, Brazil exported USD 23.68 billion and imported USD 10.18 billion from the Arab countries. The trade flow reached USD 33.87 billion, with a trade balance surplus of USD 13.49 billion.
Achieving high levels of productivity is one of the goals of the National Oil Corporation, according to recent discussions held at the company.
The Arab-Brazilian Chamber has announced the balance of the Halal do Brasil project, through which, together with ApexBrasil, it promotes Brazilian halal products in Muslim-majority markets. A total of 124 companies have been supported by the program, and the number of countries reached is increasing.
The International Monetary Fund (IMF) reports that the country has adopted economic measures that foster growth beyond the oil sector.
