Brazil Consumer Confidence

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Brazil: Consumer confidence plummets in November

November 24, 2014

In November, the consumer confidence index published by the Getulio Vargas Foundation (FGV, Fundaçao Getulio Vargas) decreased a seasonally-adjusted 6.1% over the previous month, which was a deterioration from the 1.5% fall recorded in October. The index fell from the 101.5 points tallied in October to 95.3 points in November, which marked the lowest level since October 2008. The figure was the result of a deterioration in both consumers’ future outlook on the economy and their current economic situation indexes compared to the previous month.

The FGV confidence index spans a range from 1 to 200 points, where 100 points is considered neutral. Prior to this month’s figure, consumer confidence had hovered above the 100-point threshold, indicating optimism, although it had followed an almost uninterrupted downward trend from mid-2012 until May of this year. Following this month’s release, consumer confidence now lies in pessimistic territory.

LatinFocus Consensus Forecast participants expect private consumption to expand 1.4% in 2014, which is unchanged from last month’s forecast. For 2015, panelists expect private consumption to increase 1.5%, which is down 0.1 percentage points from the previous month’s prediction.


Author: Angela Bouzanis, Senior Economist

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Brazil Consumer Confidence Chart


Brazil Consumer Confidence November 2014

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


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