São Paulo – Following a 1.9% increment in January, the Industry Confidence Index (ICI) was down 3.4% in February, from 85.9 to 83 points. So says the Processing Industry Survey, whereby 1,133 enterprises were polled from February 2nd to 24th by the Brazilian Institute of Economics at Fundação Getulio Vargas (Ibre/FGV).
The monthly survey keeps track of industry perception regarding economic trends, in the present and near future. The Expectation Index was down 4.9% to 81.9 points. The score is identic to September 2014’s and the weakest since April 2009 (80.9%). The Current Scenario Index was down 2.1% to 84 points, same as in December 2014.
“The significant deterioration of expectations regarding the next few months reflects the disheartenment of an industry that has failed to grow for six straight quarters, and the short-term outlook remains negative, despite the fact that exchange rates have evolved favourably to the sector as of late,” says Aloisio Campelo Júnior, the Ibre’s joint superintendent for Economic Cycles.
*Translated by Gabriel Pomerancblum
