April 26, 2016 / 12:12 PM / 2 years ago

Brazil consumer confidence hits new low in April

BRASILIA, April 26 (Reuters) - Consumer confidence in Brazil
fell for a second straight month in April to a record low, a
private survey showed on Tuesday, amid a political crisis and
the worst recession in decades.
    The consumer sentiment index calculated by think tank
Getulio Vargas Foundation dropped to 64.4 in April from 67.1 in
March after seasonal adjustments, mostly due to an
increase in pessimism about the future.
    "The economic and political scenarios seem difficult to be
solved quickly," FGV economist Viviane Bittencourt said.
    Confidence fell across income groups, with the sharpest
contraction among consumers earning more than 9,600 reais 
($2,703) a month, FGV said.
    Brazil's economy is expected to contract sharply for a
second straight year in 2016 as a deep political crisis clouds
the outlook for businesses and consumers and threatens to cut
short the mandate of President Dilma Rousseff. The current
recession is expected to be the longest and deepest in Brazil in
more than a century. 
  (level)                  Latest mth  Previous mth   Year ago
 Confidence index          64.4        67.1           75.3
 Current situation index   64.7        66.3           79.0
 Expectations index        65.8        69.0           73.8

($1 = 3.5513 Brazilian reais)
0 : 0
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