Brazil's civil construction union SindusCon-SP has revised its gross domestic product (GDP) estimate for the sector in 2015 to a 5.5 percent decrease, it said in a statement.
According to the Sao Paulo-based union, the worsening of the nation’s economic scenario made SindusCon-SP revise its estimates for the sector’s GDP in 2015.
“If Brazil’s GDP falls 1.5 percent in 2015, then civil construction GDP would diminish 5.5 percent,” said José Romeu Ferraz Neto, president of SindusCon.
In November 2014, SindusCon-SP estimated a 0.5 percent increase in the segment’s GDP on a “stable performance” for the year to come. At the time, the union had forecast a 2 percent decline in employment and a 1.5 percent drop in the production of raw materials for the industry, with a fall in the sale of these materials.
According to SindusCon-SP estimates, about 300,000 job positions are expected to be cut this year the civil construction segment.