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Brazil Consumer Confidence April 2020

Brazil: Consumer sentiment plummets to historic low in April

According to an extraordinary preliminary release for April, consumer confidence plunged to the lowest level on record. Based on data collected through 13 April, the seasonally-adjusted consumer confidence index published by the Getulio Vargas Foundation (FGV) fell to 58.5 points in April from 97.5 points in March. Consequently, the index remained mired below the 100-point threshold separating consumer pessimism from optimism.

The deterioration in consumer sentiment was driven by households’ significantly more negative assessment of future conditions and gloomier view on the current economic situation.

The special data preview is a canary in the coal mine of the impact of the coronavirus pandemic on private consumption. Tanking consumer confidence comes as large swathes of Brazil are now in lockdown to mitigate the growing outbreak.

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