Brazil’s tourism industry to cash in on Carnival

Good morning! This week, the Brazilian economy gears up for Carnival. Petrobras comes under scrutiny from public spending watchdog. And bankruptcy protection requests go through the roof. 

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Tourism industry to cash in on Carnival

Carnival begins this weekend. Aside from being one of the most popular events in the country, it has a significant impact on the local economy — with hotels experiencing record occupancy, tourists spending millions in local stores, and many landing temporary jobs as tour guides, street vendors, musicians, or performers.

👉 Why it matters. This year, the National Confederation of Commerce (CNC) estimates that Carnival will inject BRL 9 billion (USD 1.8 billion) into the economy. The study takes into account the impact of the holiday on the real estate industry, the lodging and restaurant sector, as well as several other tourism and entertainment segments.

Impactful. According to Fecomercio, a group representing retailers, more than 570 economic activities are affected by Carnival — and not just during the days of the festivities. Across the country, preparations can…