Brazil Business Confidence Hits Pandemic Low

Brazil’s Industrial Business Confidence Index fell 6.0 points to 40.2 in November 2026, its lowest level since May 2020 at the start of the pandemic. The index remained below the 50-point threshold for the 23rd consecutive month, meaning the industry has spent almost two years in pessimistic territory. The Expectations Index dropped 7.8 points to 41.5, its lowest since May 2020. Pessimism about the Brazilian economy intensified, with assessments of the country's economic outlook deteriorating by 10.7 points to 32.7. Entrepreneurs’ expectations for their own companies fell 6.4 points to 45.9. Meanwhile, the Current Conditions Index fell 2.3 points to 37.7, its lowest value since July 2020. Assessments of the Brazilian economy worsened by 2.7 points to 30.6, while views on individual companies' economic conditions deteriorated by 2.1 points to 41.2.

Brazil’s Industrial Business Confidence Index rose 1.3 points to 46.2 in October 2026 from September. Despite the improvement, the index remained below the 50-point threshold, marking 22 consecutive months of pessimism in the industrial sector. The increase was driven entirely by improved expectations, particularly regarding companies’ own business conditions. The Expectations Index climbed 2.1 points to 49.3, with the component measuring expectations for companies’ own business conditions rising 1.0 point to 52.3. Expectations for Brazil’s economy increased 4.3 points to 43.4. Meanwhile, the Current Conditions Index fell 0.2 point to 40.0, its lowest level since July 2020. The decline reflected a more negative assessment of companies’ own conditions, with that component dropping 0.5 point to 43.3. In contrast, the assessment of Brazil’s economic conditions rose 0.3 point to 33.3.

Brazil’s Industrial Business Confidence Index fell 1.4 points to 44.9 in September 2026, remaining below the 50-point threshold and marking 21 consecutive months of pessimism. The Current Conditions Index dropped 2.5 points to 40.2, driven mainly by a more negative assessment of the economic environment. The index for Brazil’s economy fell 3.6 points to 33.0, while the measure of companies’ own conditions declined 1.9 point to 43.8. The Expectations Index also deteriorated, falling 0.9 point to 47.2, as expectations for the Brazilian economy dropped 0.6 point to 39.1. Expectations for companies’ own conditions fell 1.0 point to 51.3.