The Global Business Travel Association (GBTA) has released its latest GBTA BTI Outlook report on Brazil as part of its semi-annual series.

Sponsored by Visa, key highlights from the GBTA report include:

• GBTA BTI has downgraded its near-term outlook for Brazilian business travel as forecasted in the first half of 2013 due to experienced volatility, but there was still robust economic growth at home and abroad, particularly through June 2013.

• Brazilian total business travel spending is forecasted to grow 6.3% in 2013 to $31.8 billion and another 12.6% in 2014 to $35.8 billion.

• The weaker external environment and the subsequent drop-off in trade with Europe and the U.S. have hit Brazilian international outbound business travel spending. In 2013, international outbound business travel suffered negative growth over the first two quarters, but it’s expected to get back on track in 2014, advancing at a high growth rate of 12.7%.

• Domestic business travel spending continues to show a strong correlation with job growth and has expanded about 8.1% per year over the last 12 years. Domestic spending growth is expected to reach 7.7% in 2013 and accelerate to 12.6% in 2014.

• Brazil currently ranks ninth in the business travel global rankings, and as long as the high growth rate in Brazil resumes, it will climb the ranks of the top business travel markets in the world surpassing South Korea, France and Italy over the next few years.

“Despite the relative volatility in Brazil, we have been encouraged by Real GDP growth and a significant rise in Brazilian export volumes,” said Wellington Costa, president of GBTA Brazil. “As the global economy regains double-digit growth, we remain confident that Brazilian business travel spend will return to double digit growth in 2014, this is nothing but good news.”