End of year celebrations for Brazil’s economy
Brazil was celebrating as end of year reports showed that its economy had made a 43.4 per cent stock market gain in the last annum.
Reports claim that Brazil’s main stock market, Bovespa, made a turnover of $570 billion (£285 billion) in 2007 – its biggest annual gain in four years.
State-owned oil giant Petrobras led the country’s economic stride forward, having discovered oil offshore by Rio de Janeiro said to account for around 40 per cent of Brazil’s total reserve.
Based on Brazil’s overall economic growth of five per cent, low inflation rates and strong local currency, UBS Pactual and Spinelli forecast a 33 per cent advance in the Latin American country’s economy in 2008.
The three shares with the largest turnover of Bovespa in 2007 were Petrobras (13.8 per cent of total business), Vale do Rio Doce, (11.4 per cent) and Bradesco bank (3.3 per cent).
As well as being praised for its economic growth, Brazil has also been tipped by independent property advisory website BuyAssociation as a lucrative investment location for 2008.
Good tax rates, low inflation and a reliable climate were all cited as key assets of the country.
For more information on Brazil property investment and to find out about uv10’s latest projects, contact uv10 on 0845 643 1036 or email info@uv10.com or visit our website: http://www.uv10.com
