Brazil’s National Confederation of Commerce, Goods, Services and Tourism (CNC) predicted that Brazil’s upcoming Carnival celebrations is expected to inject about 8 billion reals into the economy.
There will be a 1 percent increase over the 2019 Carnival season and will be the most revenue earned from the event since 2015.
There will be a moderate recovery in the tourism sector as Brazil’s economy is coping up and low infiltration rates.
But the real’s relative weakness against the U.S. dollar will be encouraging the Brazilians to travel at home instead of going abroad.
During the carnival, restaurants and bars will generate the most income around 4.8 billion reals and 1.13 billion dollars followed by transportation sector with a projected income of 1.3 billion reals or 306 million dollars.
It is expected that the hotel sector will be earning 861.3 million reals.
Rio de Janeiro will rake in some 2.679 billion reals as the host of Brazil’s most famous Carnival which is followed by Sao Paulo with 1.936 billion reals.
