Brazil: Construction loses steam; expected to grow only 2% in 2022

The projection was released on Thursday, January 13, in a partnership between the Getulio Vargas Foundation (FGV) and the São Paulo Construction Industry Union (Sinduscon-SP).

RIO DE JANEIRO, BRAZIL - One of the drivers of Brazil's economic recovery last year, construction is losing steam. The Gross Domestic Product (GDP) of Construction in 2022 is expected to grow 2%, representing a deceleration compared to 2021, when it rose 8%.

The projection is in line with the Brazilian Chamber of the Construction Industry (CBIC), which also expects a 2% increase for the sector's GDP this year.

Both entities project the creation of 110,000 jobs in the sector in 2022, against 246,000 in 2021 and 98,000 in 2020.

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