Published on : Thursday, February 6, 2020
Brazil’s upcoming Carnival celebrations are expected to bring in about 8 billion reals (around 1.88 billion U.S. dollars) into the economy, said the country’s National Confederation of Commerce, Goods, Services and Tourism (CNC).
The figure represents a 1 percent increase compared to the 2019 Carnival season and the maximum revenue earned from the event since 2015.
Brazil’s gradual economic recovery and low inflation rate are expected to assist the tourism sector witness a moderate recovery, while the real’s relative weakness against the U.S. dollar will give confidence to the Brazilians to travel at home instead of visiting abroad.
Restaurants and bars will generate the most income during the Carnival — 4.8 billion reals or 1.13 billion dollars, followed by the transportation sector with an expected income of 1.3 billion reals or 306 million dollars.
The hotel sector is expected to earn 861.3 million reals (202.7 million dollars).
As host of Brazil’s most famous Carnival, Rio de Janeiro is expected to bag 2.679 billion reals (630 million dollars), followed by Sao Paulo, with 1.936 billion reals (455.7 million dollars).