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Briefing

Brazil: Domestic Demand

Appears in: Latin America, Macroeconomy, Markets, Brazil, Labor Markets and Productivity

Critical Issues

Background:

As it emerges from recession Brazil is creating jobs rapidly, with unemployment now falling in line with the medium-term trend after a brief pickup at the height of the financial crisis. Unemployment peaked at around 10% in 2003, but is now falling below 8%. The service sector is the biggest job creator in Brazil, although industry has recovered rapidly from the recession and is also now a net creator of employment. Real wages are also rising strongly at over 2% above inflation, contributing to the revival in domestic demand—by far the biggest component of GDP.

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