KPMG in Brazil has been growing at a significant rate. In 2008, year-on-year revenues increased by 16 percent, to R$460 million, which correlates with the highest growth rate amongst KPMG member firms in the Americas.
To keep pace with this growth, we have expanded geographically with the opening of two additional offices in the Northern and Midwestern regions of Brazil, and have made 14 new partners and hired approximately 445 new interns.
As a country, Brazil saw a decrease in domestic GDP in the last quarter of 2008, but certain factors point in the direction of lasting economic prosperity. These factors include high domestic demand driven by increasing household income, the recent discovery of sizeable oil reserves and growth in emerging sectors such as biofuel from industrially-grown sugarcane.