Arab Today, arab today brazilians confidence in economy falls
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Brazilians' confidence in economy falls

Arab Today, arab today

Arab Today, arab today Brazilians' confidence in economy falls

Brazilians' confidence in economy falls
Rio De Janeiro - XINHUA

Brazil's current economic crisis is dampening citizens' confidence in the economy, local daily O Globo said on Monday.

The National Confidence Index (INC), an indicator which measures Brazilians' confidence in the country's economy, fell to the lowest level registered since the indicator was created in 2005, the daily reported, citing the Sao Paulo Trade Association.

The INC fell from 100 to 84 between June and July, the daily said. The index goes from zero to 200 and any figures below 100 indicate negative perceptions about the economy and low consumer confidence.

It is the first time since 2005 that the INC registers figures below 100, according to O Globo.

The decrease in consumers' confidence is more perceptible among more well-off citizens, O Globo said. Among A and B classes, the people with the highest income in Brazil, the INC fell from 81 points in June to 75 in July. The richer citizens make up 25 percent of the 1,200 people interviewed, the daily said.

"This is a more informed class, not only on the economy but also on politics," Marcel Solimeo, head economist for the Sao Paulo Trade Association, told O Globo. "The rising pessimism is related to the rising uncertainty surrounding the political crisis. "

In the C class, which is the middle class, the INC dropped from 103, which indicated slight optimism, to 85. In the poorer D and E classes, the indicator dropped from 109 in June to 89 in July.

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