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

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%. 

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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.

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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.