Sun, 06 Dec 2020

RIO DE JANEIRO, Oct. 28 (Xinhua) -- Brazil's industrial confidence in October reached its highest level since April 2011, confirming the country's economic recovery in the wake of the novel coronavirus (COVID-19) pandemic, a prominent economic think tank said on Wednesday.

According to the Getulio Vargas Foundation (FGV), the Industry Confidence Index rose 4.5 points this month to reach 111.2 units, the highest level in more than nine years.

"The October survey shows the industrial sector is more satisfied with the current situation and optimistic that this result will be maintained in the next three months," the FGV said in a report.

The FGV added, however, that a "delay in the recovery of the business trend indicator shows a certain concern among business owners regarding the sustainability of this level of optimism over a period longer than the end of emergency (financial) aid programs," which the government launched to help low-income households withstand COVID-19 lockdown measures.

Meanwhile, the Current Situation Index rose 6.4 points to 113.7, the highest level since November 2010, and the Expectations Index rose 2.7 points to reach 108.6, the highest level since May 2011.

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