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Brazilian industrial confidence below average despite small rise
Last Updated: 2018-07-20 15:54 | Xinhua
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Brazil's industrial confidence rose 0.6 points in July, but is still below the average rate of 54.1 points, said the National Confederation of Industry (CNI) on Thursday.

July's Business Confidence Index (ICEI) rate settled at 50.2 points after June's record contraction of 5.9 points from 55.5 points in May to 49.6 points, caused by a nationwide truck drivers' strike.

A 50 percent rise in fuel prices over the past year sparked the nationwide strike at the end of May, in which truck drivers blocked traffics across the country to demand lower fuel prices and a reduction in taxes and tolls.

Despite July's slight improvement, the indicator was still 3.9 points below the average of 54.1 points, said the CNI.

But according to the CNI, "The solution to the strike isn't entirely formed. The question of the price of cargo travel still generates a lot of uncertainty."

The ICEI serves as an indicator on investments, one of Brazil's major economic drivers, and when the index is below 50, there is significant pessimism among businesses, which could slow economic recovery.

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