Brazil Property News: Unemployment reaches record low




30th September 2008 03:00


Those considering buying property in Brazil could be interested to hear the nation's level of unemployment has fallen to its lowest level since 2001, it has been reported.

Official statistics released by the IBGE institute revealed the rate of those out of work in the country dropped to 7.6 per cent in August, according to Mercopress.

The figure represents a fall of half of a per cent from the previous month and 1.9 per cent compared to the same period last year.

According to the news agency: "The drop in unemployment coincides with the recent improvement of the nation's economy, which grew by 6.1 per cent in the second quarter of 2008 and averaged six per cent in the last four quarters, the fastest 12 month pace since 1995."

The Brazilian Central Bank is now concerned with inflation, which has kept steady and is above target in spite of falling food prices, the report continues.

Meanwhile, it was reported by the Brazzil Magazine this week that the Bank of Brazil has invested $3.7 billion (£1.7 billion) in the funding of the 2008/2009 crop.


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