Itaú BBA - Orange Book
  • Wait-and-see mode  

    Most sectors still wait for the fog and uncertainty about the economy to recede before resuming plans.

  • Optimism, with caution  

    Most sectors are more optimistic about the future, but still assessing next steps with caution.

  • Higher domestic uncertainty hinders economic recovery  

    In a quarter marked by one-off events, there is a perception that the recovery has lost steam from May onwards.

  • Recovery continues, but with volatility and concerns over the medium term  

    Anecdotal information suggest continuation of recover, but the balance of risks is tilted towards disappointment.

  • Recovery becoming widespread  

    Several sectors report substantial improvements in sales in the last 6 months.

  • Political uncertainty affects investment decisions  

    Companies are focusing efforts on reducing indebtedness levels.

  • More consistent signs of a rebound  

    Most manufacturing-related segments point to a rebound in production.

  • Adjustment continues, inflationary pressure recedes  

    Most consumer-related segments indicate that sales continued to shrink. Production costs are becoming less of a concern.

  • Still deteriorating  

    In our view, weak economic activity data and fundamentals suggest that difficulties will continue ahead.

  • Recession spreads, exchange rate pressures costs  

    The Brazilian economy continues to weaken, and the recession has been spreading to more sectors and regions of the country.

  • No signs of stabilization  

    The weakening trend in the Brazilian economy seems to have steepened at the end of the first half.

  • Deceleration deepens  

    The recent weakening trend demand seems to have steepened in March and April.

  • Adjustment scenario reinforces the slowdown  

    The weakening trend in consumption observed in the second half of 2014 seems to have worsened at the beginning of this year.

  • Weak activity, slowdown in employment  

    The recovery in consumption has been proving short-lived in most sectors.

  • Weak Activity With Few Signs of Recovery  

    The weakening of consumption in Brazil during the first half sharpened between June and August.

  • Weak Consumption, Production falls  

    The weakening of consumption is becoming more widespread and more intense.

  • Moderate activity, focus on efficiency gains  

    The divergence in trends between the durable and non-durable consumer goods sectors has continued in recent months

  • External and Domestic Uncertainties Affect the Economy in 2014  

    Spending on goods and services is slowing down as demand becomes increasingly selective.

  • Weaker Consumption, Slightly Better Investment  

    Business confidence remains subdued.

  • The slowdown is spreading, but without recession. Costs are still on the rise.  

    Segments related to consumer spending continue in the slowdown process observed since May.

  • Slowdown in consumption, investment better  

    After a strong beginning of the year, many consumer good and service segments registered a deceleration in April and May.

  • Rebound Gains Traction, Constraints Become Clearer  

    This report summarizes anecdotal information on current economic conditions.

  • Consumption Remains Strong, Risk Aversion Restrains Investment  

    The recovery of the Brazilian economy is moderate and heterogeneous. Consumer spending continues to expand.

  • Heterogeneous Rebound  

    Anecdotal information on current economic conditions received from key business contacts.

  • A slower recovery  

    A qualitative analysis of the Brazilian economy and its sectors. With information through June 15, 2012


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