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Brazil’s service industry fell 7.8% year-on-year in 2020, the largest decline in history.

by YCPress

São Paulo, February 11 The latest data released by the National Geographic Statistics Bureau (IBGE) of Brazil on the 11th local time show that due to the impact of the COVID-19 epidemic, Brazil’s service industry fell 7.8% in 2020 compared with 2019, setting a record that the country began in 2012.

The largest annual decline since the count.

Previously, the biggest decline in Brazil’s service industry was a 5% decline in 2016.

The data shows that in December 2020, the service industry in Brazil fell by 0.2% month-on-month, and 3.3% year-on-year.

In 2020, four of the five service industries surveyed in Brazil experienced a decline.

Among them, the domestic service industry performed the worst, with the highest decline, down 35.6%, which lowered the overall service industry in the country.

Professional, management and supporting services fell by 11.4%, transportation and auxiliary services and post and telecommunications fell by 7.7%, and information and communication services fell by 1.6%. However, other services increased by 6.7%.

Brazil’s tourism industry suffered a heavy blow in 2020, with the Brazilian tourist activity index plummeted 36.7% that year.

Among them, the tourist activity indexes of São Paulo and Rio de Janeiro fell by 40% and 30.9% respectively.

According to the data, 25 services services in Brazil’s 26 states and the Federal District of Brasilia declined in 2020.

Among them, Bahia had the highest decline, 14.8% from 2019.

This was followed by a 12.7% decline in Rio Grande do Sul, 9.5% in Paraná, 7.4% in São Paulo, and 7.3% in Rio de Janeiro.

Industry insiders said that Brazil’s service industry accounts for more than 70% of the country’s GDP, which is of great importance to Brazil’s economic development.

With the slowdown of the epidemic in Brazil and the recovery of the overall economy, the Brazilian service industry will also be on the development track, and it is expected that Brazil’s service industry is expected to resume growth in 2021.