Brazil Business Confidence Edges Lower Amid Mixed Expectations

Brazil’s Industrial Entrepreneur Confidence Index (ICEI) fell slightly to 46.2 points in September, nearly unchanged from August’s 46.1, marking nine consecutive months of low confidence. The overall stability reflects opposing movements: a deepening negative assessment of current conditions and slightly improved expectations. The Current Conditions Index dropped to 41.9, indicating that entrepreneurs view the economy and business environment as worsening over the past six months. Monthly declines were driven by weaker business conditions (-1.3 points to 45.2) partially offset by improved perceptions of Brazil’s economic situation (+0.5 points to 35.3). The Expectations Index rose to 48.3, showing less negative sentiment for the next six months, supported by slightly improved views on the broader economy (+0.9 points to 39.5) and optimism for their own companies (+0.3 points to 52.7).