Brazil: Business confidence drops to one-year low in October
October 28, 2019
Business sentiment in Brazil’s industrial sector eased at the start of Q4, falling to the lowest level seen since October last year. The Getulio Vargas Foundation’s (FGV, Fundaçao Getúlio Vargas) industrial business confidence index fell to 94.6 points in October, from September’s 95.6 points. The index remains below the 100-point threshold and signals prevailing pessimism among Brazilian companies.
According to the FGV, the deterioration was chiefly driven by firms’ markedly more pessimistic assessment of future economic situations. On top of that, companies were also slightly more pessimistic regarding the current economic situation.