Brazil tourism sees highest revenues for May since 2014

Thursday, July 27, 2023

In 2023, Brazil’s tourism industry recorded its highest revenues for May since 2014, as reported by the National Confederation of Commerce of Goods, Services, and Tourism (CNC).

The total reached BRL 36.1 billion—an 8.6 percent expansion from the same month last year and a four percent growth from April this year.

According to CNC President José Roberto Tadros, the sector has been recovering profits by creating more job opportunities, fostering new business ventures, and attracting foreign investments.

Another indicator of this rebound is that the average aircraft traffic at Brazil’s top ten airports has risen back to pre-pandemic levels.

The surge in domestic tourism can be attributed to the high cost of travelling abroad and the wide range of tourist products available.

For international tourists, the favorable exchange rate and the infrastructure catering to international tourism make Brazil an appealing destination.

More jobs, more businesses

As the economic activity in the tourism sector strengthens, a remarkable 64.2 thousand job positions were created between January and May, with 9.6 thousand jobs added in May alone.

For the year 2023, the confederation projects a total of 101.6 thousand new jobs generated.

The number of businesses in the sector is also on the rise. In May, establishments were up 10 percent from the same month last year.

This list includes cultural and lodging services, bars and restaurants, passenger transportation, car rentals, and travel agencies.

The confederation also noted that inflation was more pronounced in tourism than in the overall economy.

While Brazil’s broad consumer price index IPCA was up 2.95 percent in May, the average price surge within tourism stood at six percent.

The sharpest price hikes were observed in tour packages (10.5%) and accommodations (15.8%).

However, the costs of app-based transportation saw a 4.6 percent slip for consumers.

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