A survey conducted countrywide by the Trade Federation of the State of Rio de Janeiro (Fecomércio-RJ) and Institute Ipsos found an increase in Brazilians' optimism towards the economy in 2017. From November 1 to 13 last year, the survey heard 1,200 consumers over the age of 16 in the capital cities of Rio de Janeiro, São Paulo, Brasília, Porto Alegre, Belo Horizonte, Florianópolis, Salvador, Recife and in 64 other cities across the country. Figures were released today (Mar. 3), in Rio de Janeiro.

The study shows that one of every three Brazilians believes that the economic conditions are likely to improve over the next six months. In 2016, only one out of every five consumers expressed optimism, which indicates an increase of 13 percentage points in the outlook for this year. Those who believe in an improvement lies ahead this half-year total 29%, down 9 percentage points from the previous value.

Economist Christian Travassos, the federation's manager for economic policy, said Brazilians' more favorable outlook is in line with the outcome of other confidence indicators, like the Central Bank's Focus Market Readout, and other business studies from trade and industry organizations. “There's an improvement in the scenario for growth and inflation,” he stated.

Travassos described the impact of the inflation in their purchase power as consumers' most decisive factor. “Inflation was halved in a year's time and unemployment had been on the rise, but has slowed down—hence the higher level of optimism towards the recovery of the activity in employment and the decline of inflation. We've found these indicators among Brazilian consumers and they're closely related to other numbers in the financial market, in confidence on trade and industry, which also point in the same direction,” he added.