SAO PAULO – Sales of new vehicles in Brazil totaled 202,860 units in October, a 27.56 percent increase, the National Automotive Vehicle Federation (Fenebrave) reported on Wednesday.
The number of new automobiles, compact cars, trucks and buses sold in the first 10 months of the year totaled 1.8 million, a 9.28 hike over the same period the year before.
October sales increased by 1.8 percent over September – the second best monthly result for the year after August, when 216,000 vehicles were sold.
In recent months, the Brazilian automotive sector has experienced a notable improvement amid a slight improvement in the economy and a recovery in consumer confidence.
Brazilian inflation has fallen dramatically in recent months, driving interest rates down markedly and slightly increasing household consumption despite the fact that unemployment remains high.
The automotive sector was one of the ones hardest hit by the recession that rocked Brazil’s economy over the past two years and which the country began pulling out of early in 2017.
The Brazilian economy increased by 1 percent in the first quarter of this year and 0.2 percent in the second, and according to forecasts by private sector analysts GDP could move up by 0.7 percent in 2017 and 2.5 percent in 2018.
In 2016, production in the Brazilian automotive sector fell by 11.2 percent and sales plunged by 20.19 percent.