RIO DE JANEIRO, Brazil (ICIS)--The Brazilian economy is in recovery mode, emerging from one of the worst recessions the country has experienced, a Brazilian producer said on Monday.
“There is for sure a recovery in 2017 regarding 2016,” said Elekeiroz CEO Marcos De Marchi on the sidelines of the Latin America Petrochemical Association (APLA) annual meeting.
Brazil’s economy contracted by 3.8% in 2015 and by 3.6% in 2016, according to IBGE, the Brazilian government's statistics agency.
The country’s GDP is expected to grow slightly this year by 0.73% while expanding by 2.5% in 2018, according to a weekly survey released on Monday by Brazil’s Central Bank.
Marchi said 2016 was a very low year in consumption for Brazil, but data so far this year is showing significant growth in apparent consumption.
The automotive industry is recovering and agriculture is at a very high level, he said, adding that construction is the exception as that sector has yet to pull back from the recession.
“This is absolutely reflected also in Elekeiroz products,” Marchi said, referring to the recovery and to the markets in which the Brazilian company operates.
He said Elekeiroz sales were "much above" last year’s numbers but did not provide specific details.
The APLA meeting ends on Tuesday.