July 24, 2019 / 8:07 PM / a month ago

Brazil worker fund stimulus to boost GDP by 0.35 pct points -Economy Ministry

BRASILIA, July 24 (Reuters) - Stimulus measures allowing Brazilian employees to withdraw cash from workers’ guarantee funds will be worth 0.35 percentage points to gross domestic product over the next 12 months, the Economy Ministry said on Wednesday.

Freeing up 42 billion reais ($11 billion) from the workers’ “FGTS” guarantee fund and further cash from the social contribution fund known as “PIS/Pasep” will create 3 million jobs and increase GDP per capita by 2.5 percentage points over 10 years, the Ministry added.

$1 = 3.7680 reais Reporting by Marcela Ayres Writing by Jamie McGeever; Editing by Lisa Shumaker

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