The seasonally adjusted consumer confidence index released by the Getúlio Vargas Foundation (Fundação Getúlio Vargas) was 79.5 in July, compared to 79.0 in June. The July result was the strongest sentiment since August 2021. Despite the rise, the index remained well below the 100-point threshold, indicating continued pessimism among consumers.
Growth occurred mainly due to improved consumer assessments of the future economic situation.
Experts participating in the LatinFocus consensus forecast predict that private consumption will grow by 1.5% in 2022, up 0.2 percentage points from last month’s forecast. In 2023, experts predict an increase in private consumption by 1.2%.