Auto sales in Brazil are likely to beat prior forecasts and accelerate next year, national automakers association Anfavea said on Wednesday, underscoring the gathering strength of a recovery in Latin America’s largest economy.
Brazil’s economic recovery gained traction in the third quarter, supported by steady family consumption and a rebound in investment. GDP expanded 0.1% from the second quarter and 1.4% from the previous year, the national statistics agency said.
Mercosur is confident a framework agreement with the European Union will be announced next week despite resistance from farmers in Europe to permit tariff-free beef imports, a Mercosur official said. “There is more than a 70% chance of reaching a deal,” said the official close to the negotiations that have dragged on for almost two decades.
Brazil’s lower house Speaker Rodrigo Maia said on Monday he will try to pass a fiscally crucial pension reform bill this year in the chamber, but he told reporters he would only put the measure to the vote if it has enough support.
Brussels will seek to drive forward negotiations on a far-reaching trade deal with Mercosur this week despite warnings from France and other EU members that they are reaching the limit of the concessions they can tolerate on beef and other sensitive agricultural products, according to a report from the Financial Times.
Buenos Aires generates over a half of Argentina´s Travel & Tourism GDP, revealed a new report by the World Travel & Tourism Council (WTTC), Latin America City Travel & Tourism Impact. Latin America City Travel & Tourism Impact is one of a series of reports by WTTC which looks at the contribution of Travel & Tourism to city economies and job creation. The study covers 65 cities, six of which are in Latin America.
Shares of Brazil’s Petrobras plunged 7.8% on Tuesday a day after the state-controlled oil company reported disappointing third-quarter earnings. The company also announced that during October oil production remained stable but gas was down 1.5%
Argentina’s consumer prices rose 1.5% in October, government statistics agency Indec said on Tuesday, bringing 10-month inflation to 19.4%. It was the second month in a row that cumulative inflation for 2017 was above the upper band of the central bank’s target range for inflation, between 12% and 17% this year. Private sector economists expect inflation of 23% this year and 16% in 2018.
The European Union and Mercosur are close to concluding a free trade accord after decades of fitful talks, an EU official said. “We’re that close to having a new association and trade agreement between EU and Mercosur,” European Commissioner for Jobs, Growth, Investment and Competitiveness Jyrki Katainen said, holding his index finger and thumb just slightly apart.
Argentina's annual core inflation forecast for the end of 2017 rose by 0.7 percentage point (pp) in November to 21%, according to a monthly survey conducted by the Argentine central bank. For 2018, analysts estimated a 14.3% annual inflation, from 14% in the previous survey.