The GBTA BTI Outlook - Brazil report is a semi-annual business travel outlook and overall economic analysis of Brazil. The report, sponsored by Visa Inc., includes the GBTA BTI; an index of business travel spending that distills market performance over a period of time.
Key highlights of the report include:
Despite two quarters of weaker economic growth in 2013, GBTA projects total spending on business travel will grow 12.5 percent in 2014 to $37 billion USD, and another 5.9 percent in 2015. The upcoming presidential elections could positively impact these numbers as well.
Annual spending on business travel in Brazil has tripled since 2000.
Domestic business travel spending growth in Brazil has slowed significantly off its aggressive pace earlier in the decade, mostly due to the slowdown in the once-charging domestic economy. GBTA expects domestic business travel spending will strengthen a bit in 2014, however, as firms and policymakers continue to take strides to boost productivity and competitiveness. GBTA expects 12.3 percent growth in 2014 before it moderates to 5.4 percent in 2015.
Growth in international outbound (IOB) business travel was hit hard in recent years mostly due to the external environment, but the worst appears to be in the past as a recovery in the Euro Area, Brazil's largest trading partner, is underway. GBTA expects IOB spending will advance 13.1 percent in 2014 followed by another 8.1 percent in 2015 hitting $7.2 billion USD.
"This forecast tells a story of continuing positive growth in Brazil despite recent volatility," said Wellington Costa, president of GBTA Brazil. "The encouraging turnaround for international outbound business travel spending paired with expected domestic growth as well shows suppliers and travel managers that Brazil is a key market to be in for businesses expanding globally."
"With the forecast for increased business travel to and from Brazil, travel will continue to be an important sector of the Brazilian economy," said Percival Jatoba, Vice President of Products of Visa Brazil. "Visa is committed to providing a secure, globally accepted payment option for busi