Brazil Macro Watch: Consumer confidence, forecasts, tax collection
Brazil saw consumer confidence contracting in September, marking the second consecutive reduction amid poor economic indicators.
The country's main consumer confidence index fell to 82.1 points from 83.8 this month, according to the Getulio Vargas foundation. The index has a range of 1-200, with 100 considered a neutral sentiment.
Getulio Vargas polled 1,925 families in Brazil's seven largest cities from September 1-19, measuring their willingness to purchase several consumer items and gauging expectations regarding employment, income and economic opportunities.
"The result seems to be directly related to the slow recovery of the labor market. Despite adding doubts, the political scenario does not seem to be the main factor for the performance in September," said Viviane Seda Bittencourt, the survey coordinator.
GDP DOWNWARD REVISION
Brazil's GDP is projected to expand 1.35% this year, according to a weekly survey with 100 economists by the central bank, down from 1.36% last week.
This marked the fifth consecutive downward revision.
Meanwhile, inflation is expected to end this year at 4.28%, up from last week's forecast of 4.09%, while the economists expect benchmark Selic interest rate to remain at 6.5% throughout the rest of the year.
The Selic is at a historic low.
TAX COLLECTION
Taxes collected by the federal government last month amounted to 110bn reais (US$27.2bn), up 1.08% in real terms from August 2017, according to the country's tax authority.
In the first eight months, collection was up 6.94% to 953bn reais.
The increase in collection is taking place as the authorities are cracking down on tax fraud and evasion.
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