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Brazil’s automobile industry experienced a dip of 26% in 2020

  • Central Bank predicts a 4.36% plunge in Brazil's economy
  • Vehicles purchased in Brazil fell from 2.7 million in 2019 to 2.05 million in 2020
  • The production of vehicles plunged by 99% in April 2020

Written by:Aman
Published: January 05, 2021 08:10:53 Brazil

With the COVID-19 pandemic causing great damage to almost every industrial sector worldwide, Brazil’s automobile sector took a record-breaking hit of 26.2% in 2020, reported AFP. 

With a total of 2.787 million new vehicles purchased in Brazil in 2019, the figures for 2020 stood at 2.05 million according to the National Federation of Automobile Dealership. 

In 2015, the Latin American country faced a hit worse than one in 2020 when the sales took a dip of 26.6%. 

Also Read: New Year festivities expose Brazilians to pandemic surge

After the pandemic hit Brazil, the industry witnessed an unprecedented halt and while production plunged by 99% in April, reported AFP. 

However, economic concerns are rising in the country as it faces a second wave of COVID-19. 

The country of 212 million people has the second-highest death toll in the pandemic after the United States: more than 196,000.

Also Read: Argentina greenlights Oxford-Astrazeneca COVID-19 vaccine

In terms of the death rate, Brazil is the second-worst affected country with over 196,000 deaths.  

Analysts polled by the central bank forecast the Brazilian economy’s contraction for 2020 will come in at -4.36 percent.

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