Economic Outlook

Mario Mesquita

August 2024
Global
Latam forecasts
World Latin America and Caribbean
2023 2024 2025 2023 2024 2025
Current Previous Current Previous Current Previous Current Previous
GDP (%) 3.2 3.1 3.2 3.4 3.4 GDP (%) 2.2 1.9 1.8 2.5 2.5

Brazil Mexico
2023 2024 2025 2023 2024 2025
Current Previous Current Previous Current Previous Current Previous
GDP (%) 2.9 2.5 2.3 1.8 1.8 GDP (%) 3.2 1.6 1.6 1.7 1.7
BRL / USD (eop) 4.86 5.50 5.30 5.50 5.40 MXN / USD (eop) 16.97 18.6 18.6 19.3 19.3
Monetary Policy Rate (eop,%) 11.75 10.50 10.50 10.50 10.50 Monetary Policy Rate (eop,%) 11.25 10.00 10.00 8.00 8.00
IPCA (%) 4.6 4.2 4.0 4.2 4.0 CPI (%) 4.7 4.3 4.3 3.9 3.9

Argentina Chile
2023 2024 2025 2023 2024 2025
Current Previous Current Previous Current Previous Current Previous
GDP (%) -1.6 -3.5 -3.5 3.5 3.5 GDP (%) 0.2 2.5 2.8 2.1 2.0
ARS / USD (eop) 809 1027 1027 1500 1500 CLP / USD (eop) 879 930 920 850 850
Reference rate (eop,%) 100.0 40.0 30.0 40.0 30.0 Monetary Policy Rate (eop,%) 8.25 5.50 5.50 4.5 4.50
CPI (%) 211.4 130.0 130.0 50.0 50.0 CPI (%) 3.9 4.5 4.5 3.3 3.3

Colombia Peru
2023 2024 2025 2023 2024 2025
Current Previous Current Previous Current Previous Current Previous
GDP (%) 0.6 1.6 1.4 2.5 2.7 GDP (%) -0.6 3.1 3.1 3.0 3.0
COP / USD (eop) 3855 4100 4100 4200 4200 PEN / USD (eop) 3.70 3.80 3.80 3.80 3.80
Monetary Policy Rate (eop,%) 13.00 8.75 8.75 6.00 6.00 Monetary Policy Rate (eop,%) 6.75 5.00 5.00 4.25 4.25
CPI (%) 9.3 5.6 5.6 3.3 3.3 CPI (%) 3.2 2.8 2.8 2.5 2.5
Source: Itau

3
 Global forecasts
2020 2021 2022 2023 2024 2025
GDP
World -2.8 6.3 3.4 3.1 3.1 3.4
US -3.4 6.7 2.1 2.5 2.5 2.2
Eurozone -6.2 5.4 3.4 0.5 0.7 1.0
China 2.3 8.1 3.0 5.2 4.8 4.5
LatAm -7.0 6.8 3.9 2.2 1.9 2.5
Inflation
US: CPI 1.4 7.0 6.5 3.4 3.2 2.5
US: Core CPI 1.6 5.5 6.0 3.9 3.0 3.0
Eurozone: CPI -0.3 5.0 9.2 3.1 2.2 2.0
Monetary Policy
Fed Funds 0.00-0.25 0.00-0.25 4.25-4.50 5.25-5.50 4.50-4.75 3.75-4.00
Treasury 10y 0.93 1.47 3.88 3.88 4.00 3.75
USD/EUR 1.22 1.13 1.07 1.10 1.08 1.08
Commodities (Dec)
Oil Brent (USD/bbl) 50 75 82 77 85 80
Iron ore (USD/ton) 153 116 110 138 105 90
Corn (USD/bu) 437 592 656 471 380 350
Soy (USD/bu) 1207 1290 1474 1298 1000 950
Wheat (USD/bu) 604 790 757 628 500 550

4
Source: IBGE, Itaú.
Brazil
 Global
Impacts of US monetary easing on the Brazilian economy

Easing cycle World GDP US GDP

Commodities USDBRL (real Net effect on
Rates: USD REER
Rates: USD*** terms) Brazil's inflation
Start End terminal Delta Delta QoQ %* Delta QoQ %**
initial level
level

May-81 Dec-82 20.00 8.50 -11.50 0.1% 0.0% -1.4% -0.2% 11% -19% 6% ↓

May-89 Sep-92 9.75 3.00 -6.75 5.7% 0.4% 6.1% 0.5% -10% -6% 1% neutral

Jun-95 Jan-96 6.00 5.25 -0.75 2.1% 0.7% 2.3% 0.8% 5% 3% -2% neutral

Dec-00 Dec-01 6.50 1.75 -4.75 1.6% 0.4% 0.2% 0.0% 3% -32% 14% ↓

Aug-07 Dec-08 5.25 0.13 -5.13 1.1% 0.2% -1.9% -0.4% 4% -22% 14% ↓

Jun-19 Feb-20 2.38 1.63 -0.75 1.1% 0.5% 1.8% 0.9% 1% -6% 11% neutral

↓ (disinflationary at
Feb-20 Apr-20 1.63 0.13 -1.50 -7.5% -3.8% -9.1% -4.7% 5% -23% 21%
the beginning)
*Average growth rate per quarter since 1980-2024: +0.8%
**Average growth rate per quarter since 1980-2024 (GDP US): +0.7%

Fonte: BBG, Itaú

***We use CCI index (Reuters) until 1991, ICI from 1991 onwards
 Global
Despite the external relief, the BRL remains detached from its peers

Th BRL detached from its peers

Dólar multilateral vs. taxa de câmbio Real/Dólar
+ = depreciation
135 7.25 122
7.00 121 BRL Aug/23 = 100
120
130 6.75
119
Emerging currencies
Câmbio real/ dólar 6.50 118
125 Dólar multilateral 6.25 117
6.00 116
120 5.75 115
114
5.50
113
115 5.25 112
5.00 111
110 4.75 110
4.50
109
108
105 4.25 107
4.00 106
100 3.75 105
3.50 104
103
95 3.25
102
3.00 101
90 2.75 100
2.50 99

Fonte: BBG, Itaú

85 2.25 98

Mar-24

Jun-24
Nov-23

Feb-24
Sep-23

Apr-24

May-24
Dec-23
Aug-23

Jan-24

Aug-24
Oct-23

Jul-24
1992
1980

1988
1990

1994

1998
1996
1984
1982

1986

2000

2004

2008
2002

2006

2010

2014

2018
2012

2016

2022
2020

2024

*US Dollar Real Exchange Rate (REER) is a measure of the dollar’s strength. It is a weighted average of
the currencies of the most important US trading partners by bilateral trade volume. It differs from the
DXY, which uses a basket of developed currencies.
Brazil
Fundamentals are that of a depreciated currency: higher risk premium and worse current account
Current Account
Risk premium vs BRL USD bn
290 5.90

270 5.70

-20

250 5.50
-40

230 5.30
-60

210 5.10
-80

3MMA
190 4.90 -100 12M

Fonte: BBG, Itaú

170 4.70 -120
BRL (rhs.)
Risk premium (measured from Vol3M, 3Y-5Y implied premium, EM
vs. BZ stock market performance)
-140
150 4.50 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
8
 Brazil
Trade balance is losing steam at the margin, but fundamentals remain constructive

Trade balance Soy production

120 Mm tons
400 180
MM3M SAAR, USD bn 157
360 100 160
320 Trade balance (rhs.)
80 140
280 Imports
120
240 Exports 60
200 100
40 80
160
120 20 60
80 40
0
40 20
0 -20
0
2016

2017

2021
2020

2022

2023

2024
2008

2011
2009

2012

2019
2010

2013

2014

2015

2018

2007
1991

2016

2020
2021
2022
2023
1990

1993
1994
1995
1996

1998
1999
2000
2001
2002
2003
2004
2005
2006

2008
2009
1992

1997

2010
2011
2012
2013
2014
2015

2017
2018
2019
Oil production and forecast Corn production
Petrobrás, Thousand barrels per day Mm tons
2,800 140 127
2,700
120
2,600
2,500 100
2,400
80
2,300
2,200 60
2,100 40
2,000
1,900 20
1,800 0

20…

20…
2014

2030
2018

2020

2022
2021

2023

2027

2028
2015

2024

2025

2026

2029
2010

2011

2012

2013

2016

2017

2019

2008
2003

2023
1995

2005
2006

2009
1990
1991
1992
1993

1997

2002

2007

2020
1994

1996

1998
1999

2001

2011

2013
2014
2015
2016

2018
2019

2021
2022
2010

2012

2017
Source: BC, BBG.
 Brazil
Historically comfortable external financing, but worsening at the margin
External financing (% GDP)
6%

Current account deficit (% GDP)

5% “Core” FDI*

4%

3%

2%

1%

0%

-1%

-2%

-3%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
*In this metric, reinvested profits are excluded in the capital participation breakdown and, in the intercompany operations part, remittances from branch menu
to headquarters are also excluded. The aim is to exclude more volatile items that should not necessarily be considered as direct investment in the
country.
Source: BC, BBG.
 Brazil
Brazil benefits from large external reserves and only a small amount of public debt is dollar-
denominated

Foreign reserves
Breakdown of Brazil’s Public debt USD billion
100%
400
90%
350
80%
300
70%

60% 250

50%
200

40%
150
30%
100
20%

10% 50

0% 0
2010

2012

2018
2019
1999

2014

2016
2004

2011

2015

2017
2006

2009
2001
2002

2005

2007
2003

2008

2020
2021
2022
2023

2012
2010

2013
2014
2015
2017

2019
2018

2023
2000
2002

2004
2005
2007
2003

2008
2009

2020
2022
Fixed rate Inflation Linked Floating rate (Selic) FX-Exchange

Source: BC, BBG.

Brazil
Despite fiscal noise, Moody’s revised Brazil’s outlook to positive; rating affirmed at Ba2 (BB)

Date Measures
Dec-16 Spending cap Rating - Brazil
Jul-17 Labor reform
BBB+8 25%
Sep-17 Long-Term Interest Rate (TLP)
Apr-19 Credit Bureau BBB 9 30%
Jun-19 Mercosur - European Union Agreement
Sep-19 “Economic freedom” legislation IG 35%
BBB-
10
Sep-19 Legislation on housing contracts
40%
Oct-19 Social Security Reform BB+11
Dec-19 Sanitation sector regulatory overhaul 45%
Out-20 Instant payments (PIX) BB 12
Feb-21 1st phase of Open Banking 50%
Feb-21 BCB Autonomy Law BB-13
55%
Nov-21 5G auction
Dec-21 Natural gas sector regulatory overhaul B+ 14 S&P 60%
Fitch
Jan-22 New legal framework for Energy Dist.
B 15 Moody’s
65%
Mar-22 Domestic shipping regulatory overhaul

Source: BBG, Itaú

Net debt to GDP (inverted)
Jun-22 Eletrobras Capitalization
B- 16 70%
Jul-22 Public Records Act

2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Aug-22 Legal framework of Securitization
Dec-23 Tax reform (PEC 45) 12
Brazil
Public accounts: high debt and rising again, difficulty in even achieving zero deficit
We expect deficits of -0.6% and –0.9% GDP in 24 and 25 and debt rising +3 pts per year at 78% and 81% of GDP

13
 Brazil
Fiscal policy: higher-than-expected growth in mandatory expenditures

Mandatory expenses are growing at high pace again after the end of
Spending Cap
2,200
Central Government Expenditures
2,100 accumulated in 12 months in real terms
(dec/2022 values, BRL billions) Spending cap
2,000
1,900 Mandatory expenses excluding court-
ordered debt and extraordinaries
1,800 expenses
1,700
1,600
1,500
1,400
1,300
1,200
1,100
dez/16

dez/19
dez/14

dez/15
dez/10

dez/11

dez/12

dez/13

dez/17

dez/18

jun/20
dez/20
jun/21
jun/15

dez/21
jun/22
dez/22
jun/23
dez/23
jun/24
dez/24
jun/11

jun/12

jun/13

jun/14

jun/16

jun/17

jun/18

jun/19

14
Brazil
Resilient activity in 1H24
▪ Floods in Rio Grande do Sul state impacted activity in May (especially the industrial production), but the aggregate impact was small

Stronger activity data in 1st semester

116

114 Core retail sales

Services
112 Industrial production (manuf)

110

108

106

104

102

100

98

96
Oct-19
Feb-20
Jun-20
Oct-20
Feb-21
Jun-21
Oct-21
Feb-22
Jun-22
Oct-22
Feb-23
Jun-23
Oct-23
Feb-24
Jun-24

15
 Brazil
IDAT Goods and Services falling in August

IDAT-Goods x Services (2022 = 100, 28dma)

110

100 IDAT-Activity Heatmap

Breakdown Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24
90 IDAT-Activity -3.6% 0.6% 4.5% -1.6% 0.3% 0.3% 0.8% -2.5%
IDAT-Services -2.7% -0.9% 5.7% 1.2% -1.7% 1.4% -0.2% -2.0%
80
Food services -4.3% -0.8% 2.1% 2.5% -0.1% 0.7% 0.4% -2.1%
70 Goods Lodging -4.3% -7.1% 17.2% -9.0% -1.2% 3.6% -1.6% 1.1%

Services
Recreation 6.1% -2.3% 2.3% 0.3% -0.7% 6.2% 3.1% 5.4%
60 Beauty services -3.3% 4.5% 5.3% 1.4% 0.0% 1.7% 2.1% 1.8%
Other personal services -5.1% 3.3% 8.5% -0.5% 0.4% 2.5% 0.1% 12.7%
50 IDAT-Goods -4.4% 2.1% 3.3% -4.3% 2.4% -0.8% 1.9% -3.1%
IDAT-Goods sensitive to income -3.4% -0.2% 4.0% -1.5% 1.1% -0.9% 0.1% -0.2%
40
Fuel, Lubricants -4.4% 0.0% 4.2% -0.5% -0.3% -0.1% -2.0% -0.9%
30 Hypermarkets, Supermarkets -3.5% 1.3% 4.8% -7.0% 4.2% -3.6% 1.2% -0.7%
Feb-20

Feb-22
Aug-19
Nov-19

Feb-21

Feb-23

Feb-24
May-20

May-21

May-22
Nov-20

May-23

May-24
Nov-22

Nov-23
Aug-20

Nov-21
Aug-21

Aug-22

Aug-23
Pharmaceutical, medical -4.4% 3.4% 2.1% -0.6% 0.9% 0.0% -0.1% 4.0%
Fabric, apparel, footwear -5.2% -2.0% 5.9% -1.6% 0.4% -0.4% 2.0% -2.4%
Books, periodicals, magazines 0.2% -5.7% 3.9% -0.6% -0.9% -0.4% 2.6% -6.9%
110 Other goods of personal use 0.0% -2.8% 4.4% -3.5% 3.7% -3.3% 1.9% -1.9%
IDAT-Goods sensitive to credit -3.2% 3.4% 1.3% -3.0% 0.0% 0.9% 1.9% -6.0%
108
Office, IT and Communication goods -5.3% 1.4% 2.8% -2.9% 0.9% -1.6% -2.6% -1.3%
Construction material -4.5% -0.5% 0.3% -0.6% 0.8% 1.2% 0.0% -1.2%
106
Furniture and appliances 0.3% -1.7% 2.4% -4.2% 1.5% -1.5% 5.3% -9.5%
104 Vehicles and parts -3.3% 6.0% 1.3% -3.6% -0.6% 1.4% 2.2% -7.3%
Source: Itaú
102 *Mom/SA

Fonte: BBG, Itaú

Goods
100
Services
98

96
Dec-23

Aug-24
Jun-24
Sep-23

Feb-24

Mar-24

May-24
Nov-23

Jul-24
Apr-24
Aug-23

Oct-23

Jan-24
 Brazil
Consumption will continue to be the main driver of the economy, but the recovery of investment is
important for balanced growth

Supply side
Total GDP
Agriculture Industry Services
Weights 6% 22% 59% 100%
2019 0.4% -0.7% 1.5% 1.2%
2020 4.2% -3.0% -3.7% -3.3%
2021 0.0% 5.0% 4.8% 4.8%
2022 -1.1% 1.5% 4.3% 3.0%
2023 15.1% 1.6% 2.4% 2.9%
2024 -0.8% 2.1% 2.9% 2.5%
2025 3.5% 1.0% 2.1% 1.8%

Demand side
Govt
Consumption Investments Exports Imports
Spending
Weights 63% 18% 17% 18% 16%
2019 2.6% -0.5% 4.0% -2.6% 1.3%
2020 -4.6% -3.7% -1.7% -2.3% -9.5%
2021 3.0% 4.2% 12.9% 4.4% 13.8%
2022 4.1% 2.1% 1.1% 5.7% 1.0%
2023 3.1% 1.7% -3.0% 9.1% -1.2%
2024 4.0% 1.3% 3.4% 3.5% 8.9%
2025 2.5% 1.5% 2.8% 1.1% 4.8%

17
Source: IBGE, Itaú
 Brazil
Tight labor market and rising wages

Unemployment rate and employed population Real wages at high level

16% 104
Employed population (thousands, right axis) 3400
PNAD, sa
Unemployment rate, s.a. (left axis) 102
3300
15%
3200
100 3100
14%
3000
98 2900
13% Regular
2800
Efective
96
2700
12%
2600
94
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
11%
92 Nominal wages (% annual var. , 3mma)
10% 17
90 15
13
9% 11
88
9
7
8% 5
7.3% 86
3 CAGED
7% 1 PNADC
84 -1 IDAT
-3 FIPE
6% 82 -5
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
18
Fonte: IBGE, Itaú
 Brazil
Corporate new loans ceased to improve

New loans - Corporate core** New loans - Housing

New loans – Household core*
Annualized, sa (BRL billion), 3mma Annualized, sa (BRL billion), 3mma
Annualized, sa (BRL billion), 3mma
750 550 260

700 240
500

650 220
450

600 200
400

550 180
350
500 160

300
450 140

250
400 120

200
350 100

300 150 80
2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023 2016 2017 2018 2019 2020 2021 2022 2023
*Household core (payroll+personal credit+vehicles)
**Corporate core (non-earmarked credit with duration greater than 1Y)
19
Fonte: BCB, Itaú
 20

Dec-25
Sep-25
Jun-25
Mar-25
Dec-24
Sep-24
Jun-24
Mar-24
Dec-23
Sep-23
Jun-23
Mar-23
Dec-22
Sep-22
Jun-22
Mar-22
momentum

Dec-21
Sep-21
Jun-21
Monetary impulse

Mar-21
Dec-20
Sep-20
Monetary

Jun-20
Mar-20
-1.0%
1.5%

1.0%

0.5%

0.0%

-0.5%
Activity slowdown during the 2nd semester and 2025

Dec-25
Sep-25
Jun-25
Mar-25
Dec-24
Sep-24
Jun-24
Mar-24
Dec-23
Sep-23
Jun-23
Mar-23
Dec-22
Sep-22
Jun-22
Mar-22
Dec-21
momentum

Sep-21
Jun-21
Mar-21
Fiscal impulse Dec-20
Sep-20
Jun-20
Mar-20

Fiscal

-1.0%

-2.0%

-3.0%
3.0%

2.0%

1.0%

0.0%
Brazil
 Brazil
We expect inflation to be above target in 2024 and 2025 (both at 4.2%)

Inflation (y/y)
Inflation expectations
14% 4.4

13% Headline 4.3

12% Target 4.2

Underlying services
11% 4.1

10% 4.0

9% 3.9

8% 3.8

7% 3.7

6% 3.6

5% Dec/24 Dec/25 3.5

4.2 4.2
4% 3.4

3% 3.3

2% 3.2
Median 2024 Average 2024
1% 3.1 Median 2025 Average 2025
Median 2026 Average 2026
0% 3.0

Aug-22

Oct-22

Dec-22

Feb-23

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Source: IBGE, Itaú

 Brazil
Inflation: are risks still largely skewed upward?
▪ The balance of risks for both years remains upwardly asymmetrical: (i) weaker BRL, (ii) more pressure on underlying services
prices.

22
Fonte: IBGE, Itaú
 Brazil
Monetary policy: near the limit

Selic Rate(% y.y.)

15
14
13
12
11
10 10,50%
9
8
7
6
5
4
3 Selic Itaú
Market Expect.
2
1
0

Source: BCB, Itaú

 Brazil Forecasts:
2019 2020 2021 2022 2023 2024 2025
Economic activity
GDP (%) 1.2 -3.3 4.8 3.0 2.9 2.5 1.8
Unemployment rate (%) – Dec. 11.7 14.8 11.7 8.4 7.9 7.3 7.5
Inflation
IPCA (%) 4.3 4.5 10.1 5.8 4.6 4.2 4.2
IGP-M (%) 7.3 23.1 17.8 5.5 -3.2 3.8 3.6
Monetary Policy
Selic rate (%, eop) 4.50 2.00 9.25 13.75 11.75 10.50 10.50
Selic rate (%, avg) 5.96 2.81 4.81 12.63 13.25 10.67 10.50
Public accounts
Primary result (% GDP) -0.8 -9.2 0.7 1.2 -2.3 -0.6 -0.9
Gross debt (% GDP) 74.4 86.9 77.3 71.7 74.4 77.7 81.0
External sector
BRL/USD (eop) 4.03 5.19 5.57 5.28 4.85 5.50 5.50
BRL/EUR (eop) 4.52 6.34 6.30 5.65 5.34 5.94 5.94
Current Account (% GDP) -3.6 -1.9 -2.8 -2.5 -1.3 -2.0 -2.1
Trade balance (USD bi.) 35 50 61 62 99 75 70

Source: Itaú 24
 Annex

Corporativo | Interno
Global
 US
US elections: potential agendas
Proposals from the main candidates for president of the USA,
as reported by the parties and media

Harris/DEM Trump/GOP

Candidate Congress

Vice-President Tim Walz JD Vance -

Maintain IRA support*, major spending unlikely Higher on defense, infra, repeal IRA* energy
Spending without Congress tax credits (maintain US industry support)
Simple Majority
Fiscal
Extend part of TCJA**, tax increases (corporate, Extend all (or most) TCJA**, more cuts in corp.
Tax high income) income tax, payroll tax relief
Simple Majority

Agressive Agressive
No Congress
China (no broad tariffs, focused on key (broad tariffs: 10% across-the board, 60% all-in
(section 301?)
techonologies/industries) China)
Conflicted: Nato 2% defense contribution ("pay
International No Congress
Europe Close Allliance its fair share/way"), more Tariffs (digital
(investigation?)
Policy services/Tech)
Conflicted, hard shouthern border to stop
No Congress
Mexico Close Allliance illegals (processed in MX); more Tariffs
(investigation?)
(imported through China)

Maintain current regulation, enforce antitrust Overturn Biden/Dem's regulation on Banks,

Regulation (techs) energy (oil & gas), not much in Techs
Simple Majority

Simple Majority
Fed Continuity Replace Powell for a dove (only in Jun 2026)
(Senate)
Dollar Status quo (free floating) Plaza Accord 2.0? Treasury intervention? No Congress

Tighter rules, more barriers for illegals (mass Only changes to

Immigration Remain loose
deportations?) Immigration law

Ukraine and Israel support, no disruption in Undermine Ukraine aid (military and financial),
Geopolitics international order threaten to leave NATO (and others)
Approve fiscal aid

* IRA: Inflation Reduction Act = package focused on reducing inflation, combating climate change and promoting investment in clean energy. Signed by
Biden in 2022.
27
Source: BBG, Itaú ** TCJA: Tax Cut and Jobs Acts = tax reduction and job creation program signed by Trump in December 2017.
Brazil
 Brazil
Government’s approval rating stabilizing at the margin
President’s approval rating (%, excellent/good) President’s disapproval rating (%, bad/awful)

44 45

42
40

40

35
38

36
30

34
Excellent/good, moving average of 7 25 Bad/awful, Moving average of 7 surveys
32 surveys

30 20
10-Jun

13-Jun
15-May

15-Sep

2-May
10-Apr
13-Apr

27-Jun

13-Sep

29-Jan

20-Mar
28-Mar
5-Dec
15-Nov

15-Jan

5-Jul
5-Mar
10-Aug

10-Oct

29-Jul
18-Dec

15-May
10-Jun

15-Sep

18-Dec

2-May
13-Jun
10-Apr
13-Apr

13-Sep

28-Mar
27-Jun

5-Dec

20-Mar
29-Jan

5-Jul
5-Mar
15-Nov

15-Jan
10-Aug

10-Oct

29-Jul
29

Approval polling tracker: Atlas/Intel, CNT/MDA, DataFolha, Ipec, Paraná Pesquisas, Poderdata and Quaest.
Relevant Information

1. This report has been prepared and released by the Macro Research Department of Itaú Unibanco S.A. (“Itaú Unibanco”). This report is not a product of the Equity
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