Brazil Business Confidence

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Brazil: Business confidence deteriorates in November

November 30, 2015

Business sentiment fell in November, erasing October’s gains, according to the Getulio Vargas Foundation (FGV, Fundaçao Getulio Vargas) business confidence indicator. The index decreased a seasonally-adjusted 1.8% over the previous month, falling from October’s 76.2 points to 74.8 points. As a result, the index remains far below the 100-point threshold and signals that businesses are more pessimistic than optimistic.

According to FGV, firms were more pessimistic in November regarding their expectations for the future economic situation. In contrast, firms’ expectations of the current economic situation remained stable.

The FGV introduced a new methodology for tendency surveys in November 2015. Historical data from June 2014 until present have been revised according to the new methodology.

Panelists surveyed for this month’s LatinFocus report see fixed investment falling 11.6% in 2015, which is down 0.2 percentage points from last month’s forecast. For 2016, panelists expect fixed investment to fall 5.4%, which is down 0.9 percentage points from the previous month’s estimate.


Author: Angela Bouzanis, Senior Economist

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Brazil Business Confidence Chart


Brazil Business Confidence November 2015 1

Note: Index of business sentiment (seasonally adjusted). The 100-point threshold represents the point above which businesses expect economic conditions to improve.
Source: Getulio Vargas Foundation.


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