Brazilian industry continues to grow

Date added: 6th September, 2008 at 10:00 (view all articles from September, 2008)

Categories: Economy, Natural Resources

Authorities in Brazil have revealed that industrial sales have risen to record levels in the last year.

According to the National Industry Confederation, sales during the first seven months of 2008 are nine per cent up on the same period of 2007, reports Xinhua.

This has been attributed to various factors, including rising demand in the domestic market and increasing expenditures among families and the government.

The growth in the sector has been reflected in the revenues it has generated in recent months, as they are 13.2 per cent up on last year.

Meanwhile, the South American country has been invited to become a member of oil producers' cartel Opec.

The offer from Iran came after a major stock of the fossil fuel was found off the coast of Brazil.

It is estimated that this could contain as much as 33 billion barrels of worth of oil.

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