Tourism during Brazil’s Carnival is expected to bring in around 5.8 billion reais (1.86 billion U.S. dollars), showed a report issued Monday by the National Commerce Confederation (CNC).
The report showed that food and beverage services in bar and restaurants are projected to bring in around 57 percent of the income, followed by hotels and transportation.
However, the total volume of income expected from the Carnival in 2017, which will last from Feb. 24 to March 1, is 5.7 percent lower than last year and the worst prediction in the past three years.
According to CNC economist Fabio Bente, when adjusted for inflation, the real loss of income will reach 8.6 percent, or equivalent to the worst performance of the last five years.
Rio de Janeiro, host of the largest carnival, will receive the largest boost to its income, estimated at 2.4 billion reais (770 million U.S. dollars), followed by Sao Paulo, with 1.5 billion reais (480 million U.S. dollars).
The two states will claim 68 percent of the tourism revenue during the Carnival celebrations, with large parades also staging in the southern state of Minas Gerais and the northeastern states of Bahia, Ceara and Pernambuco, the report showed.