Brazil Business Confidence


Business confidence remains subdued in November

The business confidence index published by the Getulio Vargas Foundation (FGV, Fundacao Getulio Vargas) remained at 100.7 points in November. The expectations sub-index rose in November (+1.5% month-on-month). However, the present situation index declined by the same magnitude, thus compensating for the improvement in expectations. After 10 consecutive months of moderating business confidence, sentiment currently lies just a notch above the 100-point threshold that separates optimism from pessimism. Moreover, the index remains at the lowest level since August 2009 and is already 13.6% below the post-crisis peak of 116.5 points recorded in March 2010. Subdued confidence in the business community is likely to weigh on investment growth going forward.


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