Brazil: Business confidence in free fall, hits lowest level in over five years
July 30, 2014
Business sentiment fell for the seventh consecutive month in July, according to the Getulio Vargas Foundation (FGV, Fundaçao Getulio Vargas) business confidence indicator. The index dropped a seasonally-adjusted 3.2% over the previous month and now rests at 84.4 points, which is down from the 87.2 points tallied in June and marked the lowest level since April 2009. The index is now even further below the 100-point threshold, which signals that businesses are more pessimistic than optimistic.
Firms were markedly more pessimistic regarding both the current and the future situation of the economy as both components of the index continued to fall in July.