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Brazil's industry confidence at highest point since July 2014: report

Xinhua, September 29, 2016 Adjust font size:

Brazil's industry confidence has reached the highest level since July 2014, according to a report published Wednesday by Brazilian business school Getulio Vargas Foundation (FGV).

The FGV report shows that the Industry Confidence Index (ICI) rose by 2.1 points in September to reach 88.2 points, which is 14.3 percent points higher than September 2015 and also the highest level since July 2014.

A rise in business confidence was noted in 12 of the 19 segments analyzed and was based on the current situation as well as future expectations, read a FGV statement accompanying the report.

"In September, the ICI returned to the high trajectory seen in April, after a slight interruption the previous month. The reading of this study suggests a slow recovery, subject to hiccups on the production side," the statement said.

The rise of industry confidence mirrors a similar rise in consumer confidence, with the FGV's consumer study finding that level at 80.6 points, the highest since January 2015.

The Brazilian industrial sector has been battered by the country's economic crisis. The country's economy shrank 3.8 percent in 2015, its worst in 25 years. It is also expected to drop by 3.14 percent this year, as unemployment and inflation are rising.

However, this report will be music to the ears of President Michel Temer and his government who have pledged to turn the situation around and to make Brazil an attractive investment destination once more. Endi