54385
The year 2017 will be very difficult for the trade sector.
The year 2017 will be very difficult for the trade sector.

Amnesty Program Eases Brazil’s 2016 Budget Gap

Amnesty Program Eases Brazil’s 2016 Budget Gap

Brazil’s central government reported its first primary budget surplus in six months in October, thanks to an inflow of billions of dollars from an asset amnesty program.
The South American country posted a budget surplus of 40.814 billion reais ($11.9 billion) in October, a turnaround from a deficit of 25.303 billion reais in September, Reuters reported.
October’s surplus reduced the central government’s shortfall so far this year to 55.821 billion reais.
The fiscal reprieve will be short-lived as tax revenues continue to fall amid the country’s worst recession in at least eight decades. Federal tax revenues data released earlier on Friday showed income would have dropped without the so-called repatriation program.
The central government, which includes federal ministries, social security and the central bank, had been expected to post a surplus of 25.261 billion reais, according to the median forecast in a Reuters poll of eight economists.
The government reaped 46.8 billion reais from the program which gave criminal amnesty to Brazilians who paid fines and taxes on undeclared assets held abroad. A second repatriation program is planned for next year.
Meanwhile, the President of the Foreign Trade Association of Brazil, Jose Augusto de Castro, anticipated that the year 2017 will be very difficult for that sector which will reach a superavit of $35 billion.
No engineering project was approved this year, so the exports of manufactured goods should register a loss between $1.5 and 2.0 billion. The country’s exports of goods and services should total $190 billion and imports reach $155 billion, he estimated, according to a Prensa Latina report.
As the businessman declared to Agencia Brasil, in 2016 the superavit in the trade balance is not really a positive result for the country, as it will be reached due to the fall in exports and imports.
When sales and acquisitions fall alike, jobs also drop then there is no real gain. The situation of foreign trade depending on exchange rates is difficult, he stressed.

Short URL : https://goo.gl/UTW8h9
  1. https://goo.gl/0i9exc
  • https://goo.gl/cBbfLC
  • https://goo.gl/Fc3pas
  • https://goo.gl/jVtcKS
  • https://goo.gl/52SzpJ

You can also read ...

 An overwhelming 86% of Germans believe their economy is doing well, up from 75% last year.
Conditions for investors around the world are getting worse....
Britons have been borrowing heavily through personal loans and credit cards over the last 18 months.
Consumer borrowing grew at almost 10% in August, official...
Tax Reform  Can Boost  US Economy
The American electorate is more than ready for Washington...
South Korea’s jobless rate has risen steadily in recent years.
South Korea’s unemployment rate has risen steadily in the past...
Greece Remains Under Supervision
Greece will remain under supervision after it exits its...
Jordan Economy Continues to Grow
While the public sector continues to play a prominent role in...
Pak GDP Growth Predicted at 10% Over 10 Years
Researchers from Harvard University’s center for international...
China Rust Belt Opens Doors
Trucks carrying hi-tech car components rumble in and out the...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus