Posts Tagged ‘economy’

Brazil Real Estate Market Set to Boom

October 29, 2009

Brazil Real EstateBrazil is set for a major property boom when international buyers return in large numbers as upcoming international events fuel Brazil’s growing economy.

Executive chairman at construction firm Confide Brasil Javier Fernandez-Pena says that in recent years property developers have been keeping international buyers in mind. However, the current economic downturn has diminished the amount of developments. Yet the growing domestic sector has stepped into the picture and is helping the market to keep growing.

Mr. Fernandez-Pena predicts good things for the future, “International buyers will come back to Brazil as it is starting to be seen as fashionable or the location of the next real estate boom.” He suggested that 2016 Olympic host Rio de Janeiro will offer a “tremendous opportunity” to attract such buyers.

Mr. Fernandez-Pena was one of a number of speakers at the Why Brazil? Why Now? event in London.

Among the others at the event were coordinator for inward investment at the ministry of tourism Laercio Souza, who noted that thanks to the domestic market, towns such as Santa Cantarina and Florianopolis are already emerging as popular second-home destinations.

Brazil’s Unemployment Rate Down

October 23, 2009

Brazilian FlagBrazil’s unemployment rate fell to 7.7 percent in September from 8.1 percent in August, the Brazilian Institute of Geography and Statistics (IBGE) announced on Thursday.

It was the lowest unemployment rate since the 6.8 percent registered in December 2008.

The unemployed population in the country totaled 1.8 million in September, down 4.8 percent from August and stable compared with September in 2008. The employed population totaled 21.5 million, stable if compared with both August and September 2008.

In most sectors, the employed population remained stable in September. In the education and public administration sector, however, the employed population was up 3.5 percent from September 2008, and in the transport and cleaning sectors, the employed population was up 2.6 percent from August.

The Brazilian workers’ average monthly income stood at 1,346 reals (about 718 U.S. dollars) in September, up 0.6 percent from August. Compared with last September, average salaries were up 1.9 percent, reflecting rise in the minimum wage.

The average per capita household income stood at 876 reals (506 dollars) in September, up 0.5 percent from August and 2.4 percent from the same period in 2008.

The Current State of Brazil’s Real: Strong and On The Rise

October 2, 2009
Brazilian RealsTaken from: Bloomberg News Brazil’s Real Rises to Strongest Level in a Year on Commodities by Fabio Alves

According to Bloomberg News, Brazil’s real rose to the strongest level in a year as a rally in oil, copper and other commodities prompted investors to buy higher-yielding assets. Commodities, such as gold, silver and oil, account for two-thirds of Brazil’s exports.

The real advanced 1 percent to 1.7670 per U.S. dollar from 1.7882 yesterday. Earlier it touched 1.7638, the highest level since September 9th, 2008. Today’s rise brings the real’s gain in the quarter to 10 percent, after a 19 percent increase in the second quarter, the most since the currency was introduced in 1994.

The real has gained 31 percent this year, making it the best performer against the dollar among 26 emerging-market currencies tracked by Bloomberg, as a faster pace of recovery in Latin America’s largest economy helped lure foreign investments and boost export revenues.

The central bank reported Brazil posted a net currency inflow of $2 billion in the week ended September 25th, bringing total inflows in September to $1 billion. The central bank’s intervention in the foreign exchange market totaled $3 billion in the month through September 23rd, BNP Paribas strategists forecast in a note to clients today.

The central bank, led by President Henrique Meirelles, kept the benchmark rate unchanged at 8.75 percent at its policy meeting on September 2nd, after lowering it five straight times this year from a high of 13.75 percent in a bid to lift the country from its first recession since 2003.

Brazil’s gross domestic product expanded more than analysts predict in the second quarter, indicating the economy is recovering from the global recession faster than other developing countries.

GDP expanded 1.9 percent in the April-to-June period from the prior three months, the first expansion since the third quarter of 2008 and more than the 1.7 percent median estimate in a Bloomberg survey of analysts. Consumer confidence rose 4.7 percent in the third quarter to 115.4, according to the National Industry Confederation.