Investment in Brazil "stimulating economic growth"
Date added: 5th July, 2011 at 10:30
(view all articles from July, 2011)
Categories: Economy, Property News
Direct foreign investment in Brazil is supporting the rapid growth of the country's economy.
This is according to a Building Magazine survey, which also found that 92 per cent of construction professionals in the nation believe further expansion is on the cards.
Brazil's official Office for Geography and Statistics (IBGE) recently revealed that the country's gross domestic product (GDP) grew 1.3 per cent in the first quarter of this year compared with the previous three months.
In 2010, GDP expansion was recorded at 7.5 per cent and those answering Building Magazine's poll predicted this trend would continue until 2016.
As many as 53 per cent of respondents to the survey said they felt the nation's construction sector was "solid" or "very solid", which may be good news for the Brazilian property market.
Indeed, recent IBGE data revealed a boom in the building, repair and real estate incorporation in 2009.
Overall, these services saw a growth of 12.1 per cent compared with the previous year and the proportion of companies with 30 or more employees involved in the development of residential Brazilian property rose from 14.7 per cent in 2008 to 17.1 per cent in 2009.
"The extent of Brazil's natural resources, together with the urgent need for investment in its infrastructure, suggest that … [it] has the potential to be a huge and sustainable market," Building Magazine's latest White Paper on the country stated.
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