Brazil: Consumer confidence drops in July
The seasonally-adjusted consumer confidence index published by the Getulio Vargas Foundation (FGV, Fundaçao Getúlio Vargas) fell at the start of Q3. The index came in at 88.1 points in July, below June’s 88.5 poitns and marking a historically low level. The fall was driven by consumers’ more pessimistic assessment of the future economic situation.
The FGV confidence index spans a range from 1 to 200 points, where 100 points is considered neutral. Despite improvements over the past two years the index remains in negative territory.