World Economy

Brazil CCI Lowest Since June

Brazil CCI Lowest Since JuneBrazil CCI Lowest Since June

Consumer confidence in Brazil dropped in December for a second month and hit its lowest since June, a private survey showed on Friday, as hopes of a quicker exit from recession under President Michel Temer were frustrated, Reuters reported. The Getulio Vargas Foundation index of consumer confidence fell to 73.3 in December from 79.1 in November. “The year ends with consumers dissatisfied with their current situation and pessimistic about the next months. Their view about the labor market is the bleakest in 11 years,” FGV economist Viviane Bittencourt said in a statement. Brazil’s economy plunged deeper into recession in the third quarter, confounding analysts who expected a gradual recovery to start following the impeachment of former president Dilma Rousseff. Her successor, facing growing calls to resign, has launched two rounds of stimulus measures in recent weeks. The country’s economy is expected to shrink 3.5% this year, according to the finance ministry, after contracting 3.8% last year.


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