Charles W. Thurston, Latin America Correspondent08.09.17
Brazil may be starting to shake off the economic chill that permeated the country under the storm of corruption that culminated in the ousting of the last president. The automotive sector is warming, moreso in exports than domestic sales, and leading a slight uptick in industrial performance. Overall, the economy is predicted to expand by 1.3 percent this year under new President Michel Temer, compared with a contraction of 6.6 percent last year.
January through May statistics from the Associação Nacional dos Fabricantes de Veículos Automotores (Anfavea), the national automakers association, showed that auto assembly jumped 23 percent to 1.0 million vehicles, compared with the year-earlier figure.
While a large driver in this growth is the export market, domestic consumption also rose in the five-month period. New vehicle licensing was up 25 percent to 196,000 vehicles during the period, compared with the year-earlier figure, Anfavea reports.
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