Brazil’s Industrial Entrepreneur Confidence Index (ICEI) fell to 46.1 points in August 2025, the lowest level this year, down 1.2 points from July. The index, below 50 since January, has seen furthering pessimism throughout the year, declining five times between January and August. The drop in August was driven by weaker sector expectations, while assessments of current conditions remained stable. The Expectations Index fell to 47.8 points (-1.9), with expectations for the Brazilian economy declining to 38.6 (-1.9) and optimism for their own companies dropping to 52.4 (-1.9). The Current Conditions Index stood at 42.6, virtually unchanged (+0.2), reflecting a 0.6-point drop in perception of the national economy (34.8) offset by a 0.6-point rise in their own companies’ conditions (46.5).