Brazil’s upcoming Carnival celebrations are projected to inject about 8 billion reals (around 1.88 billion U.S. dollars) into the economy, the country’s National Confederation of Commerce, Goods, Services and Tourism (CNC) said on Monday.
The figure represents a 1 percent increase over the 2019 Carnival season and the most revenue earned from the event since 2015, the CNC said in a press release.
Brazil’s gradual economic recovery and low inflation rate are expected to help the tourism sector see a moderate recovery, while the real’s relative weakness against the U.S. dollar will encourage Brazilians to travel at home instead of going abroad, the CNC said.
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 a projected 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 will rake in some 2.679 billion reals (630 million dollars), followed by Sao Paulo, with 1.936 billion reals (455.7 million dollars). Enditem