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Brazil Economic Sentiment May 2024

Brazil: Consumer and industrial business sentiment go their opposite ways in May

The seasonally adjusted consumer confidence index published by the Getulio Vargas Foundation (Fundação Getúlio Vargas) fell to 89.2 in May, down from April’s 93.2. May’s print was the lowest in 13 months. As a result, the index moved further below the 100-point threshold, indicating starker pessimism among Brazilian consumers.

Conversely, the seasonally adjusted industrial business confidence index improved to 98.0 in May, up from April’s 96.8 and hitting a 20-month high. Accordingly, the index moved closer to, but remained below, the 100-point threshold, signaling only marginal pessimism among industrial firms.

The ongoing improvement in industrial business sentiment bodes well for investment in the industrial sector in Q2. Conversely, more downbeat consumer sentiment bodes poorly for the performance of private consumption in the quarter.

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