Report published September 29, 2026

Brazil: Further Deterioration of Consumer and Business Confidence – Goldman Sachs Research

Goldman Sachs · September 29, 2026

Brazil's FGV consumer confidence fell 0.5pt in September 2026 to 84.2, its lowest level since November 2022, led by weakening expectations. Business confidence also weakened across manufacturing, retail/commerce, construction, and services sectors.

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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.

Key Takeaways

1.FGV's Brazilian consumer confidence index dropped 0.5pt in September to 84.2, marking its lowest reading since November 2022.
2.The consumer decline was driven primarily by falling expectations, which dropped 0.9pt to 85.2, the lowest level since May 2022.
3.Business confidence deteriorated across all surveyed sectors in September, led by retail/commerce (-2.9pt) and manufacturing (-2.4pt), with retail remaining the weakest overall.

DETAILS:
Broad Based Deterioration of Consumer and Business Confidence in Sept
Eroding Consumer Confidence
Weak Business Confidence in the Manufacturing Sector

Report data

Broad Based Deterioration of Consumer and Business Confidence in Sept

Metric	Estimate	Context
FGV Consumer Confidence Index	84.2 index points	Fell to its lowest level since November 2022
Consumer Confidence Expectations Component	85.2 index points	Lowest level since May 2022
Consumer Confidence Current Conditions Component	84.0 index points	Slight uptick following a 0.6pt drop in August
Business Confidence - Manufacturing	91.3 index points	Drove headline further into pessimistic territory
Manufacturing Capacity Utilization	83.2 percent / points	Above the historical average