brazil macroeconomic outlook - economia em dia · 2043 - 2016 fonte: ibge elaboração e...

1

BRAZIL MACROECONOMIC

OUTLOOK

Economic Research Department

May, 2017

PRIMARY SURPLUS (as % of GDP)

Source: BCB, Bradesco

2,4%

2,0% 2,1%2,8%

1,2%

2,8%

2,1%

1,6%1,4%

-0,3%

-1,9%

-2,5%-2,8%

-1,8%

-0,6%

-4,0%

-3,0%

-2,0%

-1,0%

0,0%

1,0%

2,0%

3,0%

4,0%2

005

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7*

201

8*

201

9*

54,5

53.2

62.8

57.0

67.1

51.8

57.5

54.4

61.7

46.8

67.1

59.3

54.7

57.8

55.1

50.9 47.0

37.5

38.7

38.1

47.1

55.0

34

39

44

49

54

59

64

69

abr/

03

ou

t/03

abr/

04

ou

t/04

abr/

05

ou

t/05

abr/

06

ou

t/06

abr/

07

ou

t/07

abr/

08

ou

t/08

abr/

09

ou

t/09

abr/

10

ou

t/10

abr/

11

ou

t/11

abr/

12

ou

t/12

abr/

13

ou

t/13

abr/

14

ou

t/14

abr/

15

ou

t/15

abr/

16

ou

t/16

abr/

17

ÍNDICE DE CONFIANÇA DO EMPRESÁRIO INDUSTRIAL (ICEI) - DADOS DESSAZONALIZADOS

Média (2003+)

ICEI

CONFIDENCE INDEX (industrial sector)

Source: CNI, Bradesco

Average:

INVENTORIES LEVEL (industrial sector, the higher the indicator, the higher the inventories)

120.6

102.2

120.4

102.4

110.9

102.6

106.7

96.4

120.2

96.2

109.1

98.5

113.3

120.3

105.6

109.1

106.7

90

100

110

120

130

Apr

-01

Aug

-01

Dec

-01

Apr

-02

Aug

-02

Dec

-02

Apr

-03

Aug

-03

Dec

-03

Apr

-04

Aug

-04

Dec

-04

Apr

-05

Aug

-05

Dec

-05

Apr

-06

Aug

-06

Dec

-06

Apr

-07

Aug

-07

Dec

-07

Apr

-08

Aug

-08

Dec

-08

Apr

-09

Aug

-09

Dec

-09

Apr

-10

Aug

-10

Dec

-10

Apr

-11

Aug

-11

Dec

-11

Apr

-12

Aug

-12

Dec

-12

Apr

-13

Aug

-13

Dec

-13

Apr

-14

Aug

-14

Dec

-14

Apr

-15

Aug

-15

Dec

-15

Apr

-16

Aug

-16

Dec

-16

Apr

-17

Historical average

estoques invertidos

Neutral level

Source: FGV, Bradesco

CONSUMER CONFIDENCE INDEX (Sep/2005 = 100)

73,1

82,284,988,1

111,2111,8

94,7

71,8

65,2

70,8

109,1

119,5

81,3

98,497,2

115,3

93,4

61,4

88,5

95,7

91,1

58

68

78

88

98

108

118

128

mai

/06

ago

/06

no

v/06

fev/

07

mai

/07

ago

/07

no

v/07

fev/

08

mai

/08

ago

/08

no

v/08

fev/

09

mai

/09

ago

/09

no

v/09

fev/

10

mai

/10

ago

/10

no

v/10

fev/

11

mai

/11

ago

/11

no

v/11

fev/

12

mai

/12

ago

/12

no

v/12

fev/

13

mai

/13

ago

/13

no

v/13

fev/

14

mai

/14

ago

/14

no

v/14

fev/

15

mai

/15

ago

/15

no

v/15

fev/

16

mai

/16

ago

/16

no

v/16

fev/

17

mai

/17

Confidence

Current Situation

Neutral

Expectations

Source: FGV, Bradesco

GDP (annual rate of change, %)

Source: IBGE, Bradesco

4.4

1.4

3.1

1.1

5.8

3.2

4.0

6.1

5.1

-0.1

7.5

4.0

1.9

3.0

0.5

-3.8 -3.6

0.3

2.53.0 3.0

-5.0

-3.0

-1.0

1.0

3.0

5.0

7.0

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

3.94.4

5.3

6.4 6.5

4.5

6.2

4.8

3.5 3.5

2.3

-3.9-4.2

0.0

2.0

-6.00

-4.00

-2.00

.00

2.00

4.00

6.00

8.002

00

4

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

PIB: CONSUMOGDP CONSUMPTION (annual rate of change, %)


3.1

6.4

13.6

9.9

6.8

12.2

6.6

8.0

3.6

-1.7

-8.6 -8.7

1.5

4.0

-10.0

-7.0

-4.0

-1.0

2.0

5.0

8.0

11.0

14.02

00

5

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

VENDAS NO VAREJO AMPLIADO


RETAIL SALES (annual rate of change, %)

-1,7

1,1

4,1

3,4 3,3 3,4 3,32,9

4,3

3,3

1,1

0,1

-2,4

2,0

1,2

-3,0

-2,0

-1,0

0,0

1,0

2,0

3,0

4,0

5,02

00

4

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

PROJEÇÕES RENDA REAL


REAL INCOMES (annual rate of change, %)

9.6 9.7

8.8

9.3

9.910.2

9.8

9.4

9.9

8.9

8.1

8.68.3

7.77.3 7.2

6.8

8.4

11.5

12.9 12.8

12.3

11.8

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

Desemprego - PNAD contínua


UNEMPLOYMENT RATE (annual average, %)

762645

1523

1254 1229

16171452

995

2137

1566

868731

397

-1625

-1371

150

900800 800

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

2,500

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

CAGED - GERAÇÃO DE VAGAS, EM MILHARES

Source: MTE, Bradesco

PAYROLL (number of formal jobs, in thousands)

8.5

2.0

6.7

12.0 12.3

-2.1

17.9

6.8

0.8

5.8

-4.2

-13.9

-10.2

2.5

6.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

10.0

15.0

20.02

00

4

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

PIB: FBKF


GDP INVESTMENTS (annual rate of change, %)

2.01.1

4.6

3.2

5.8

-3.7

6.7

5.6

-3.1

8.4

2.83.6

-6.6

6.0

3.5

-8.00

-6.00

-4.00

-2.00

.00

2.00

4.00

6.00

8.00

10.002

00

4

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

PIB: AGRO


GDP AGRICULTURAL (annual rate of change, %)

8.2

2.0 2.0

6.2

4.1

-4.7

10.2

4.1

-0.7

2.2

-1.5

-6.3

-3.8

0.5

4.0

-8.00

-6.00

-4.00

-2.00

.00

2.00

4.00

6.00

8.00

10.00

12.002

00

4

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

PIB: INDUSTRIA


GDP INDUSTRY (annual rate of change, %)

5.0

3.7

4.3

5.8

4.8

2.1

5.8

3.52.9 2.8

1.0

-2.7 -2.7

0.0

2.0

-5.00

-3.00

-1.00

1.00

3.00

5.00

7.002

00

4

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

PIB: SERVIÇOS


GDP SERVICES (annual rate of change, %)

10.7%

-2.1%

0.3%

9.2%

4.9%

7.0%

13.1%

8.2%

3.2%

4.5%

-2.1%

-6.5%-5.2%

1.0%

5.0%6.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%2

00

4

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

*

20

18

*

20

19

*

VARIAÇÃO ANUAL DO PIB DA CONSTRUÇÃO CIVIL

2043 - 2016 Fonte: IBGE Elaboração e Projeção: Bradesco


GDP CONSTRUCTION (annual rate of change, %)

184.0

128.2

151.8

143.5

166.3

176.7

160.7

180.3

125.0

135.0

145.0

155.0

165.0

175.0

185.0

dez-

04

dez-

05

dez-

06

dez-

07

dez-

08

dez-

09

dez-

10

dez-

11

dez-

12

dez-

13

dez-

14

dez-

15

dez-

16

dez-

17

dez-

18

dez-

19

dez-

20

dez-

21

Queda acumulada de 11,1%

Projeções

Focus Bradesco2016: -3,6% -3.6%2017: +0,5% +0,3%2018: +2,5% +2,5%2019: +2,5% +3,0%2020+: +2,5% +3,0%

DESPITE THE EXPECTED RECOVERY, IT WILL TAKE SOME YEARS TO COME

BACK TO BRAZILIAN GDP PEAK LEVEL

Contraction since 2014 = 11,1%

Forecasts

Source: IBGE, BCB, Bradesco

CONSUMER PRICES INDEX – IPCA (annual rate of change, %)


7.7%

12.5%

9.3%

7.6%

5.7%

3.1%

4.5%

5.9%

4.3%

5.9%6.5%

5.8% 5.9%6.4%

10.7%

6.3%

3.7%4.1%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%2

00

1

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

*

20

18

*

5,25

5,34

6,05

5,77

5,46

5,47

5,21

4,98

4,96

4,74

3,93

3,8

4,2

4,6

5,0

5,4

5,8

6,2

03/1

1/15

03/1

2/15

02/0

1/16

01/0

2/16

02/0

3/16

01/0

4/16

01/0

5/16

31/0

5/16

30/0

6/16

30/0

7/16

29/0

8/16

28/0

9/16

28/1

0/16

27/1

1/16

27/1

2/16

26/0

1/17

25/0

2/17

27/0

3/17

26/0

4/17

26/0

5/17

MARKET EXPECTATION FOR THE IPCA IN 2017 (average, annual rate of change, %)


5,03

5,56

5,46

4,99

4,66

4,59

4,344,30

4,50

4,70

4,90

5,10

5,30

5,50

5,70

27/1

1/15

11/1

2/15

25/1

2/15

08/0

1/16

22/0

1/16

05/0

2/16

19/0

2/16

04/0

3/16

18/0

3/16

01/0

4/16

15/0

4/16

29/0

4/16

13/0

5/16

27/0

5/16

10/0

6/16

24/0

6/16

08/0

7/16

22/0

7/16

05/0

8/16

19/0

8/16

02/0

9/16

16/0

9/16

30/0

9/16

14/1

0/16

28/1

0/16

11/1

1/16

25/1

1/16

09/1

2/16

23/1

2/16

06/0

1/17

20/0

1/17

03/0

2/17

17/0

2/17

03/0

3/17

17/0

3/17

31/0

3/17

14/0

4/17

28/0

4/17

12/0

5/17

26/0

5/17

MARKET EXPECTATION FOR THE IPCA IN 2018 (average, annual rate of change, %)


4,31

5,91

6,50

5,84 5,916,41

10,67

6,29

3,934,34 4,29

2,0

3,0

4,0

5,0

6,0

7,0

8,0

9,0

10,0

11,0

12,0

2009 2010 2011 2012 2013 2014 2015 2016 2017* 2018* 2019*

MARKET EXPECTATION FOR THE IPCA (median, annual rate of change, %)


REGULATED PRICES – IPCA (annual rate of change, %)


10,76%

15,32%

13,20%

10,19%

8,96%

4,27%

1,65%

3,27%

4,73%

3,13%

8,01%

3,67%

1,52%

5,31%

18,06%

5,50% 5,53%

0,0%

3,5%

7,0%

10,5%

14,0%

17,5%2

00

1

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

*

ADMINISTRADOS ANUAL

DURABLE GOODS PRICES – IPCA (annual rate of change, %)


4,5%

7,9%

3,9%

8,9%

3,1%

-1,8%

0,0% 0,0%

-1,9%

0,9%

-1,6%

-3,5%

3,6%3,0% 3,3%

1,3%

0,5%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%20

01

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

4,9%

5,5%

7,3%

6,7% 6,8%

5,7% 5,8%

8,1%

6,7%

8,0%

9,8%

8,7% 8,7%8,3%

8,1%

6,6%

4,5%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

SERVIÇOS ANUAL

SERVICES PRICES – IPCA (annual rate of change, %)


FOOD PRICES – IPCA (annual rate of change, %)


1,23%

10,77%11,12%

3,17%

10,39%

7,19%

9,86%

8,48%8,03%

12,01%

8,61%

2,89%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017*

ALIMENTAÇÃO E BEBIDAS ANUAL

19.00%

15.75%

19.00%

25.00%

16.50%

17.75%18.00%

13.25%

11.25%

13.75%

8.75%

10.75%11.00%

7.25%

10.00%

11.75%

14.25%13.75%

8.00% 8.00%

0.0%

7.0%

14.0%

21.0%

28.0%

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

NOMINAL INTEREST RATE (selic)


2,50

2,40

2,74

2,57

2,78

3,29

2,92

3,18

3,12

4,18

3,77

3,94

3,70

4,16

3,89

4,07

3,69

3,43

3,61

3,21

3,37 3,35

3,12

3,43

3,26

2,20

2,40

2,60

2,80

3,00

3,20

3,40

3,60

3,80

4,00

4,20

4,40

Aug

-14

Sep

-14

Oct

-14

Nov

-14

Dec

-14

Jan-

15

Feb-

15

Mar

-15

Apr

-15

May

-15

Jun-

15

Jul-1

5

Aug

-15

Sep

-15

Oct

-15

Nov

-15

Dec

-15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

May

-16

Jun-

16

Jul-1

6

Aug

-16

Sep

-16

Oct

-16

Nov

-16

Dec

-16

Jan-

17

Feb-

17

Mar

-17

Apr

-17

May

-17

TAXA DE CÂMBIO R$/US$ 2011 - 2014. fonte: Bloomberg

DECEMBER 2009R$ 1.74 / US$









BRAZILIAN NOMINAL EXCHANGE RATE

(R$/US$)

Source: Bloomberg, Bradesco

1,96

2,32

3,53

2,89

2,65

2,34

2,14

1,77

2,34

1,741,67

1,88

2,04

2,34

2,66

3,90

3,26

3,10

3,25

0,8

1,4

2

2,6

3,2

3,8

4,4

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

BRAZILIAN NOMINAL EXCHANGE RATE

(R$/US$, end of period)


103,8%

22,0%

6,8%5,1%1,3% 0,2%

-1,5% -1,9% -2,9% -4,6%-7,1%

-14,1%-20,0%

-10,0%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

80,0%

90,0%

100,0%

110,0%

Eg

ypt

Tu

rkey UK

Arg

enti

na

Ph

ilip

pin

es

Mal

ays

ia

Ch

ina

Can

ada

DX

Y

Jap

an

Sin

gap

ore

Eu

ro

Mex

ico

Pak

ista

n

UA

E

Sw

itze

rla

nd

Ind

on

esia

Cze

ch R

epu

blic

Hu

nga

ry

Per

u

Ch

ile

Au

stra

lia

Índ

ia

Th

aila

nd

New

Zea

lan

d

Co

lom

bia

Po

lan

d

Ko

rea

Tai

wan

Bra

zil

Ru

ssia

So

uth

Afr

ica

SELECTED CURRENCIES (accumulated variation in the last 12 months)


86,69

94,99

100,33

93,14

97,3998,03

93,93

100,17

95,56

97,4798,89

97,42

2,57

3,29

2,92

4,18

3,70

4,16

3.15

3,213,14

3,35

3,12

3,48

3,26

1,8

2,4

3

3,6

4,2

77,0

82,0

87,0

92,0

97,0

102,0

22/0

8/14

19/0

9/14

17/1

0/14

14/1

1/14

12/1

2/14

09/0

1/15

06/0

2/15

06/0

3/15

03/0

4/15

01/0

5/15

29/0

5/15

26/0

6/15

24/0

7/15

21/0

8/15

18/0

9/15

16/1

0/15

13/1

1/15

11/1

2/15

08/0

1/16

05/0

2/16

04/0

3/16

01/0

4/16

29/0

4/16

27/0

5/16

24/0

6/16

22/0

7/16

19/0

8/16

16/0

9/16

14/1

0/16

11/1

1/16

09/1

2/16

06/0

1/17

03/0

2/17

03/0

3/17

31/0

3/17

28/0

4/17

26/0

5/17

Dólar em relação à cesta DXY. Fonte: Bloomberg.

DXY

Real

EXCHANGE RATE

(R$/US$, DXY index)


106

147

157

126

241

303

222

392 363

245

322

2392,136

2,455

2,282

2,485

2,700

3,292

3,535

4,178

3,6083,476

3,260

1,30

2,00

2,70

3,40

4,10

70,0

120,0

170,0

220,0

270,0

320,0

370,0

420,0

470,0

520,0

570,0

21/0

6/12

19/0

9/12

18/1

2/12

18/0

3/13

16/0

6/13

14/0

9/13

13/1

2/13

13/0

3/14

11/0

6/14

09/0

9/14

08/1

2/14

08/0

3/15

06/0

6/15

04/0

9/15

03/1

2/15

02/0

3/16

31/0

5/16

29/0

8/16

27/1

1/16

25/0

2/17

26/0

5/17

CDS_5

BRL (eixo da direita)

Correlação: 96,5%5 YEARS CDS AND BRL (R$/US$)


OIL PRICES (US$/barrel)

37.933.4

29.8 27.6

14.418.4

15.018.2

23.719.4

15.820.519.1

12.717.7

28.3

24.4

28.9

38.3

54.4

65.4

72.7

97.7

61.9

79.6

112.0

98.9

53.7

45.1

56.7

0

10

20

30

40

50

60

70

80

90

100

110

120

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(p

)

NÍVEL MÉDIO ANUAL DO PETRÓLEO BRENT (NOMINAL, FOB REINO UNIDO) - US$/BARRIL

FONTE: FMIELABORAÇÃO E (P) PROJEÇÃO: BRADESCO

Source: FMI, Bradesco

IRON ORE PRICES (US$/ton)

12 13 13 14 16

2833

37

62

80

147

168

129135

97

5659

67

0

20

40

60

80

100

120

140

160

180

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(p)

NÍVEL MÉDIO ANUAL DO MINÉRIO DE FERRO (PREÇO SPOT NO PORTO DE TIANJIN/CHINA, MINÉRIO COM 62% DE TEOR DE FERRO) - US$/TONELADA

FONTE: FMIELABORAÇÃO E (P) PROJEÇÃO: BRADESCO


SOYBEAN PRICES (US$/bushel)

5.04.6

5.1

6.3

7.5

6.1 5.9

8.6

12.3

10.3 10.5

13.2

14.614.1

12.5

9.59.9

10.2

0

2

4

6

8

10

12

14

16

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

(p

)


BRAZILIAN CURRENT ACCOUNT (US$, deficit as % of GDP)

-1,811

-18,384-23,502

-33,416

-25,335

-8,097

3,760

13,547

408

-30,640-26,261

-75,824 -74,218

-104,181

-58,882

-23,507-25,279

-48,476

-116,000

-107,000

-98,000

-89,000

-80,000

-71,000

-62,000

-53,000

-44,000

-35,000

-26,000

-17,000

-8,000

1,000

10,000

19,00019

94

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

-3,2%PIB

-1,3%PIB

-1,2%PIB

-4,3%PIB

-1,9%PIB


28,9 28,433,0

23,2

16,6

10,1

18,215,5

19,4

44,6

50,7

31,5

88,5

101,2

86,6

69,2

96,9

75,178,9

75,0

78,8

0

20

40

60

80

100

120

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

*

2018

*

FOREIGN DIRECT INVESTMENT (US$ million)


1st PRODUCER AND 1st EXPORTER SUGAR

1st PRODUCER AND 1st EXPORTER COFFEE

1st PRODUCER AND 1st EXPORTER ORANGE JUICE

1st PRODUCER REGIONAL JETS

2nd PRODUCER AND 1st EXPORTER SOYBENS

2nd PRODUCER AND 1st EXPORTER CATTLE MEAT

2nd PRODUCER AND 1st EXPORTER TOBACCO

2nd PRODUCER AND 1st EXPORTER ALCOHOL

2nd EXPORTER FOODS

2nd PRODUCER AND 2nd EXPORTER IRON ORE

3rd PRODUCER AND 1st EXPORTER POULTRY MEAT

3rd PRODUCER AND 2nd EXPORTER CORN

3rd ELETRIC POWER

3rd CONSUMER PERSONAL COMPUTER

3rd PRODUCER FRUITS

3rd PRODUCER COMMERCIAL AIRCRAFT

3rd INTERNET USERS

3rd PRODUCER BUSES

3rd PRODUCER FOOTWEAR

3rd CONSUMER PERFUMES AND COSMETICS

3rd PRODUCER BAUXITE

4th PRODUCER AND 4th EXPORTER PORK MEAT

4th PRODUCER BEVERAGES

4th PRODUCER MILK

4th PRODUCER CERAMICS COVERINGS

BRAZIL THAT BRAZILIANS AND FOREIGNERS NEED TO KNOW

4th PRODUCER SHIPPING INDUSTRY

4th PRODUCER PULP

4th PRODUCER TRUCKS

4th CONSUMER MOBILE PHONES

4th ROAD NETWORK EXTENSION

4th PRODUCER CLOTING

5th PRODUCER AND 4th EXPORTER COTTON

5th PRODUCER AND 7th EXPORTER ORNAMENT STONES

5th PRODUCER TEXTILE

5th PRODUCER COCOA

5th PRODUCER CEMENT

5th PRODUCER PAPER

6th PRODUCER FHARMACEUTICAL

6th PRODUCER CHEMICAL

7th CONSUMER MAKET

7th PRODUCER RICE

7th PRODUCER AND 4th SALES CARS

8th PRODUCER ALUMINIUM

9th PRODUCER STEEL

11th PRODUCER HONEY

13th PRODUCER OIL

15th WIND ENERGY

15th PRODUCER WHEAT

38

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be used, under any hypothesis, as the basis, support, guidance or norm for any document, valuations, judgments or decision taking, whether of a formal or

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Update: 26th May, 2017

brazil macroeconomic outlook - economia em dia · 2043 - 2016 fonte: ibge elaboração e...

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