Report published August 31, 2026
Brazil: Consumer & Business Confidence Softened Further in August 2026
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 31, 2026
- Analysis as of
- Not stated in source
Authors / editors: Alberto Ramos (Lead Analyst)
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Brazil's FGV consumer confidence index fell 3.6 points to 84.7 in August 2026, its lowest level since November 2022, while composite business confidence dropped 0.5 points to 91.1. Sentiment across consumers and businesses remains firmly in pessimistic territory below the 100 threshold, weighed down primarily by expectations.
Key Takeaways
- 1.FGV's consumer confidence index dropped 3.6 points in August to 84.7, reaching its lowest level since November 2022, led by a 5.4-point decline in the expectations component.
- 2.Composite business confidence fell 0.5 points to 91.1 in August, weighed down by manufacturing, retail/commerce, and construction, with all major components remaining below the 100 neutral threshold.
- 3.Among economic sectors, retail/commerce sentiment remains the weakest at 84.2, followed by services at 89.0, despite a modest 1.2-point improvement in services during August.
Table of Contents
- DETAILS:
- Eroding Consumer Confidence
- Aggregate Business Confidence Indicator
- Disclosure Appendix
Report data
Seasonally adjusted Consumer & Business Confidence breakdown (Dec-23 through Aug-26)
| Metric | Estimate | Context |
|---|---|---|
| FGV Consumer Confidence Index | 84.7 index points | Lowest level since November 2022 |
| FGV Consumer Confidence Expectations Component | 86.1 index points | Lowest level since July 2022 |
| FGV Consumer Confidence Current Conditions Component | 83.8 index points | Follows a 2.6pt decline in July |
| FGV Composite Business Confidence Index | 91.1 index points | Adds to a 1.4pt decline in July; below 100 optimism threshold |
| Manufacturing Confidence Index | 93.7 index points | Seasonally adjusted business confidence sub-index |
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Authors / Editors
Reported Data Context
- FGV Consumer Confidence Index: 84.7 index points (2026-08) · Source: FGV
- FGV Consumer Confidence Expectations Component: 86.1 index points (2026-08) · Source: FGV
- FGV Consumer Confidence Current Conditions Component: 83.8 index points (2026-08) · Source: FGV
- FGV Composite Business Confidence Index: 91.1 index points (2026-08) · Source: FGV
- Manufacturing Confidence Index: 93.7 index points (2026-08) · Source: FGV
Themes
Regions
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