REPORT: World Cup Expected to Generate $27.7 Billion in Revenue for Brazil

(Before It's News)

The Brazilian government forecasts that the 2014 soccer World Cup will generate around 62.1 billion reais ($27.7 billion) in revenues, three times what was injected into the country’s economy during last year’s Confederations Cup tourney.

The estimate is based on a report published Monday by the Tourism Ministry concerning the economic impact of the Confederations Cup.

That competition, held in June 2013, generated 20.7 billion reais ($9.2 billion), of which $4.9 billion came from spending by tourists, the organizing committee and both private and public investment.

The remaining $4.32 billion corresponds to the contribution to Brazil’s GDP from goods and services surrounding the tourney.

Coinciding with the report, the National Business Confederation of Goods, Services and Tourism, or CNC, published a study in which it forecasts that the World Cup will create about 47,900 jobs in the tourist sector.

The evaluation was made on the basis of estimates that around 3.6 million tourists will be traveling around Brazil during the competition.

“To handle that … increase in tourist flow in the states that will host the World Cup, activities such as hostelry, food, transportation, travel agencies, cultural and recreations services will have to increase the number of jobs by 47,900,” the CNC communique said.

According to the organization, the number is equivalent to 35.2 percent of the total number of jobs expected to be created in 2014.

By states, Sao Paulo and Rio de Janeiro, which will host the opening and closing matches of the World Cup, respectively, will enjoy more than half of the job openings resulting from the tourney, specifically 52 percent.

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