SANTANDER, Spain, Aug 31 (Reuters) - Spanish telecoms company Telefonica is gaining market share in Brazil, Chief Operating Officer Jose Maria Alvarez-Pallete told journalists, as he played down the significance of a recession in the Latin American country.
Brazil is one of the biggest markets for many blue-chip Spanish companies, including Santander, Repsol and Iberdrola.
The Brazilian economy slipped into recession in the second quarter, cementing its worst slowdown in nearly three decades.
Telefonica agreed last year on the purchase of Brazilian broadband provider GVT from France’s Vivendi, part of a push to expand in Latin America, a region that accounts for around half of the company’s revenue.
“We are gaining market share in Brazil,” Alvarez-Pallete told reporters at a conference in Santander.
“The current problems of the Brazilian economy are temporary ...Brazil is on the right path and in the short to medium term, Brazil will do well.” (Reporting By Andres Gonzalez; writing by Sonya Dowsett; editing by Jason Neely)