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Released: Wednesday, September 17, 2014

The Conference Board Leading Economic Index® for Brazil, together with Fundação Getulio Vargas (TCB/FGV Brazil LEI), decreased 0.4 percent in August. The index now stands at 121.5 (2004 = 100), following a 2.0 percent increase in July and a 1.6 percent decline in June. Three of the eight components contributed positively to the index in August.

“The fall in economic activity during the first two quarters of the year is consistent with the prolonged declines in the TCB/FGV LEI and TCB/FGV CEI since 2013,” said Paulo Picchetti, economist at FGV/IBRE. “Expectations remain mixed ahead of the upcoming elections, and it is still too soon to say if economic growth will improve in the second half of 2014, but the LEI suggests the economy will likely continue to struggle in the near term.”

“The TCB/FGV Brazil LEI has declined in seven of the first eight months of this year and its six-month change remains in negative territory with widespread weaknesses among the leading indicators,” said Ataman Ozyildirim, economist at The Conference Board. “The more pessimistic outlook of consumers and expectations in services offset improved expectations for manufacturing and stock markets in August.”

The Conference Board Coincident Economic Index® for Brazil, together with Fundação Getulio Vargas (TCB/FGV Brazil CEI), which measures current economic activity, increased 0.1 percent in August at 127.0 (2004 = 100), following a 0.2 percent increase in July and a 0.6 percent decline in June. Three of the six components contributed positively to the index in August.

TCB/FGV Brazil LEI aggregates eight economic indicators that measure economic activity in Brazil. Each of the LEI components has proven accurate on its own. Aggregating individual indicators into a composite index filters out so-called “noise” to show underlying trends more clearly.

About The Conference Board Leading Economic Index® for Brazil, together with Fundação Getulio Vargas

TCB/FGV Brazil LEI was launched in July 2013. Plotted back to 1996, this index has successfully signaled turning points in the economic cycles of Brazil. The Conference Board also produces LEIs for Australia, China, the Euro Area, France, Germany, Japan, Korea, Mexico, Spain, the United Kingdom, and the United States.

The eight components of TCB/FGV Brazil LEI include:

Swap Rate, 1 year (Source: Central Bank of Brazil)
Stock Price Bovespa Index (Source: BOVESPA - Bolsa de Valores de São Paulo/ São Paulo Stock Exchange)
Manufacturing Survey: Expectations Index (Source: FGV/IBRE)
Services Sector Survey: Expectations Index (Source: FGV/IBRE)
Consumer Expectations Survey: Expectations Index (Source: FGV/IBRE)
Physical Production of Durables Consumer Goods Index (Source: IBGE – Instituto Brasilieiro de Geografia e Estatística/ Brazilian Institute of Geography and Statistics)
Terms of Trade Index (Source: FUNCEX – Fundação Centro de Estudos do Comércio Exterior/The Foundation Center for the Study of Foreign Trade)
Exports Volume Index (Source: FUNCEX – Fundação Centro de Estudos do Comércio Exterior/The Foundation Center for the Study of Foreign Trade)


www.conference-board.org/data/bcicountry.cfm?cid=12

To view The Conference Board calendar of 2014 indicator releases:
www.conference-board.org/data

ABOUT THE CONFERENCE BOARD

The Conference Board is a global, independent business membership and research association working in the public interest. Our mission is unique: To provide the world’s leading organizations with the practical knowledge they need to improve their performance and better serve society. The Conference Board is a non-advocacy, not-for-profit entity holding 501(c)(3) tax-exempt status in the United States of America.
www.conferenceboard.org

ABOUT FGV/IBRE

The Brazilian Institute of Economics (Instituto Brasilieiro de Economia—IBRE) at Fundação Getúlio Vargas (FGV) was founded in 1951 to research, analyse, produce and disseminate macroeconomic statistics and applied studies. Its purpose is to inform and help improve public policies and private activities in the Brazilian economy. IBRE is a leading institute in calculating the Brazilian GDP and producing price indices including the General Price Index (IGP) which served as Brazil´s official inflation index for many years. In addition to price indices, IBRE prepares trend and business cycle indicators that are widely used by administrators and analysts.
www.fgv.br/ibre

Professional Contacts at The Conference Board:

Indicator Program: indicators@conference-board.org

Media Contacts:

Andrew Tank:
+ (32) 2 679 50 52
andrew.tank@conference-board.org

Juliana Rocha:
+55 21 3799 6913
Juliana.mrocha@fgv.br

©The Conference Board 2013. All data contained in this table are protected by United States and international copyright laws. The data displayed are provided for informational purposes only and may only be accessed, reviewed, and/or used in with the permission accordance of The Conference Board consistent with a subscriber or license agreement and the Terms of Use displayed on our website at www.conference-board.org. The data and analysis contained herein may not be used, redistributed, published, or posted by any means without express written permission from The Conference Board.

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