Brazil shows record creation of new companies
The number of new firms created in Brazil reached a new record in the first quarter as high unemployment force people to generate their own income.
A total of 581,242 new companies were launched in 1Q17, up 12.6% year-on-year, according to credit information firm Serasa Experian. The figure is the highest since 2010 when Serasa started compiling such data.
The record creation of new businesses is due to the so-called "entrepreneurship of necessity," said Serasa's economists, who noted that many of the new companies were created in the services sector.
Brazil's unemployment rate increased to 13.6% in the February-April period, up from 11.2% in the same period 2016.
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