Brazil: Consumer confidence picks up in June
June 27, 2011
The consumer confidence index published by the Getulio Vargas Foundation (FGV, Fundacao Getulio Vargas) increased a seasonally adjusted 2.3% over the previous month to 118.0 points in June, which represents the first improvement since February. The higher confidence reading reflected a more optimistic assessment of future expectations (+3.2% mom sa) as well as the current economic situation (+1.0% mom sa). The FGV confidence index has a range spanning from 1 to 200 points, where 100 points is considered neutral. Consequently, at the current level consumer sentiment remains elevated, which bodes well for solid growth in private consumption this year.