Who we are

Podcast

Share

The Brazilian Institute of Economics

The Brazilian Institute of Economics (IBRE) was created in 1951. It is the unit of the Getulio Vargas Foundation (FGV) whose mission is to research, analyze, produce and disseminate macroeconomic statistics, as well as applied high quality economic research relevant to the improvement of public policies or private action in the Brazilian economy, stimulating the country's economic development and social welfare.

Since its inception, IBRE has developed socio-economic studies, surveys, analyzes and several indicators based on the collection of economic, financial and business data. Economic statistics produced by IBRE include price indices and indicators for trends and business cycles, widely used by scholars, analysts of the Brazilian economy and managers in the public and private sphere.

Applied Economics

Applied Economics brings together researchers of the highest level, whose work and performance in congresses, events and seminars reinforce the position of the FGV as a think tank of the country's economic and social issues.

Statistical Production

Monthly, from its 28 offices (15 outposts and 13 offices), located in all Brazilian capitals, IBRE captures around 300 thousand prices of products and services and data of economic nature, from more than 19 thousand informants throughout the country. For this, counts on a permanent staff of professionals specialized in the application of economic and social sciences as well as statistical methods.

Indicators and reports are offered as public goods at the most synthetic level. At the analytical and detailed level the information is offered as a database service, accessed through signatures (usage licenses).

Consulting

The experience accumulated by IBRE in the application of surveys and calculation of indicators made available to the general public can be used in the development of customized surveys and indicators, in order to meet the specific needs of public and private entities, with significant benefits.

For this purpose IBRE offers to its clients consulting services, including the application of surveys, sector studies and projections, technical support for the specification and use of economic indicators, as well as the regular production of custom indicators on demand.

Publications

Conjuntura Econômica Magazine - IBRE publishes since 1947 the Conjuntura Econômica magazine, the oldest and most influential publication on economy in the country. On a monthly basis, it has national circulation.

IBRE Macro Bulletin - produced by the IBRE researchers, under the coordination of the Applied Economics area, the Macro Bulletin brings monthly projections about the Brazilian economy, such as GDP, inflation, labor market, foreign trade, interest rate, exchange, and more.

Publications by IBRE – coordinated by the team of Applied Economics, the series started in 2011 aims to disseminate through the publication of books, studies and researches relevant to the economic scenario, thus reflecting the IBRE's role as an important forum for debates on the improvement of Brazilian public policies.

Events

Seminars are held by IBRE's technical staff to discuss and assist in the formulation of public policies that stimulate the country's economic development and social welfare.

  • 1940
  • 1960
  • 1980
  • 2000
  • 2020
1940
  • 1947

    • The following slogan becomes popular: “Petroleum is ours.” 
    • During President Eurico Dutra’s administration Brazil uses all up the reserves (about US$750 million) it had saved during the war. 
    • The then-currency, the cruzeiro currency, rises in value against the dollar, which holds back exports and raises imports. 
    • The Superior Electoral Court cancels the official registration of the Brazilian Communist Party. 
    • Brazil breaks off relations with The Union of Soviet Socialist Republics (USSR). 
    • The economics development boom is called “spontaneous industrialization.” 
    • Launched in November as a bulletin, Conjuntura Econômica magazine is edited by the FGV Economics Department — the origin of the Brazilian Institute of Economics (IBRE) from Getulio Vargas Foundation (FGV). 
    • IBRE-FGV creates the General Price Index (IGP), calculating it back to 1944. 

  • 1951

    • The FGV establishes the Brazilian Institute of Economics (IBRE) with Eugenio Gudin as president and Octavio Gouvêa de Bulhões as vice-president. 
    • The Economics Advisor to the Presidency of the Republic and the Industrial Development Commission (CDI) are put in place. 
    • The European Coal and Steel Commission (ECSC) is founded. It was the forerunner of the European Common Market. 
    • The proposal to create the Petrobras (National Oil Company) is sent to the Congress, without including a monopoly provision. 
    • GDP growth is 4.9% and inflation 12.3%. 

  • 1958

    • The Cost of Living Index is modified by replacing rent-related series since the base year, weighting adjustments, and introducing new items. 
    • Construction of the Belém-Brasília Road begins. 
    • Lucas Lopes becomes Minister of Finance, promising to cut expenditures and control inflation. 
    • The DKW-Vemag, the first car assembled in Brazil, appears on the streets. 
    • The Alvorada Palace (Presidential Palace) is inaugurated in Brasília. 
    • GDP growth is 10.8% and inflation 24.4%. 

1960
  • 1960

    • In his visit to Brazil, President of the United States Dwight Eisenhower convinces President Kubitschek to resume negotiations with the IMF.
    • Brasília is inaugurated on April 21st at Central Plateau.
    • Jânio Quadros (Republican Party, PR, and National Democratic Union, UDN, political alliance) is elected president of the Republic with approximately 5.6 million votes (48%), defeating General Lott (Brazilian Labor Party, PTB, and Social Democratic party, PSD, alliance), who received 3.8 million votes (28%). Goulart, part of Lott’s electoral coalition, is again elected vice president with 4.5 million votes.
    • Jânio’s voters sing: “Sweep away, sweep away with the little broom./Sweep away the trickery”.
    • The Organization of Petroleum Exporting Countries (OPEC) is created by Saudi Arabia, Iran, Iraq, Kuwait, and Venezuela; OPEC sets the price per barrel at US$ 1.50.
    • Castro confiscates North American-owned oil refineries.
    • John Kennedy is elected president of the United States.
    • GDP growth is 9.4% and inflation 30.5%.

  • 1961

    • Jânio Quadros is inaugurated president.
    • The US breaks off relations with Cuba.
    • John Kennedy is inaugurated president of the United States in January, and in March launches the Alliance for Progress to fund social reforms in Latin America.
    • Banker Clemente Mariani becomes Minister of Finance.
    • The national currency, cruzeiro, depreciates from Cr$ 90 per US dollar to Cr$ 200 per US dollar.
    • Cuban exiles attempt to invade Cuba at Pigs Bay. They are defeated.
    • The first computer integrated circuit is produced.
    • East Germany starts to build the Berlin Wall.
    • In August, Jânio resigns. Military ministers are against Goulart assuming the presidency — he was in Singapore after visiting China. The Third Army in Rio Grande do Sul state adheres to the campaign for legality led by Governor Leonel Brizola, Jango’s brother-in-law, who defends the right of the vice president to become president.
    • Congress approves the amendment that replaces the presidential regime by the parliamentary regime, which is accepted by Goulart, who becomes president with Tancredo Neves (PSD) as Prime Minister.
    • GDP growth is 8.6% and inflation 47.8%.

  • 1962

    • Brazil signs an agreement with the United States Department of Agriculture (USDA) for a world-scale research project. IBRE’s Center for Agricultural Studies participates in the project.
    • The Latin American Free Trade Association (LAFTA) establishes a free trade zone.
    • The Workers General Command (CGT) is created.
    • During the brief Parliamentary regime, Prime Minister Tancredo resigns to run for governor of Minas Gerais state (he was defeated by the UDN candidate, Magalhães Pinto); he is replaced by jurist Brochado da Rocha (PSD) from Rio Grande do Sul state, who remained in the position until September, when the last Prime Minister Hermes da Lima (PSB party) replaces him.
    • Eletrobras (National Power Company) is established.
    • An additional annual bonus, 13th salary, is established by law.
    • Walter Moreira Salles leaves the Ministry of Finance and is replaced by another banker, Miguel Calmon.
    • The Ministry of Planning is created, with Celso Furtado as Minister.
    • The National Supply Superintendence (Sunab) is created to replace the Federal Commission on Supply and Prices (Cofap).
    • The government increases the minimum wage by 50%. Unions demand 80%.
    • In August the United States sets an economics embargo against Cuba.
    • In October North Americans learn of Soviet missiles in Cuba. When the USSR removes the rockets, the USA agrees not to invade the island.
    • Brazil resumes diplomatic relations with the Soviet Union.
    • Cuba is expelled from the OAS for adopting a regime that is incompatible to democracy; Brazil abstains from voting.
    • In parliamentary elections PTB becomes the biggest political party in the House of Representatives.
    • Celso Furtado launches the Three-year Plan for Economics and Social Development in order to control the public deficit and inflation and promote the economy’s growth; it establishes groundwork reforms in educational, agrarian, fiscal, and banking structures.
    • GDP growth is 6.6% and inflation 51.6%.

  • 1963

    • In January in a plebiscite 80% of voters approve the return of the presidential regime..
    • San Thiago Dantas becomes Minister of Finance, but in June, after six months, he gives up his position to Carvalho Pinto, who passes it on to Ney Galvão in December.
    • The Three-Year Plan fails to reduce inflation.
    • Rural workers are granted Social Security and public employees are granted the 13th salary.
    • Petrobras (National Oil Company) achieves a petroleum import monopoly.
    • Lacerda advocates a military coup against Jango.
    • General Castello Branco takes command of The Army General Staff.
    • John Kennedy is murdered in Dallas; Vice President Lyndon Johnson succeeds him.
    • GDP growth is 0.6% and inflation 79.9%.

  • 1964

    • On Friday, March 13 in Rio de Janeiro, before 300,000 people, Goulart decrees the nationalization of private petroleum refineries and the expropriation of lands on the margins of roads, railroads, and public construction for agrarian reform, to be required “by law or force.”
    • In São Paulo, conservative opposition mobilizes 400,000 people to protest against the government (Family March with God for Freedom).
    • Juscelino Kubitschek (JK) is nominated as the PSD candidate for president in 1965.
    • The navy sailors' rebellion begins.
    • General Mourão Filho, 4th Military Region Commander (Juiz de Fora, Minas Gerais state), rebels and commands his troop to head for Rio de Janeiro.
    • Goulart retreats to Rio Grande do Sul, then escapes to Uruguay.
    • An emergency government is established with the military and the Institutional Act (AI) is decreed. Mandates of 40 congressmen are revoked.
    • In April, Congress elects General Castello Branco president — José Maria Alkmin (PSD), former Minister of Finance during the Kubitschek administration mandate, is named vice president —until January 31st, 1966, when his successor would be elected by popular vote. The JK-65 Campaign hits the streets.
    • Senator Kubitschek is prevented from running for elections for 10 years.
    • In July Congress extends President Castello’s mandate until 1967.
    • The Correio da Manhã newspaper denounces tortures.
    • Octavio Gouvêa de Bulhões becomes Minister of Finance and Roberto Campos Minister of Planning.
    • The Government’s Economics Action Plan (PAEG) is launched to control inflation and promote economics growth, creating the foundation for the later “miracle.”
    • A new more liberal law on profit remittance is passed. The National Housing Bank (Banco Nacional da Habitação) is created.
    • The Central Bank of Brazil (Banco Central do Brasil) is created to replace the Currency and Credit Superintendence (Sumoc) established in 1945 to exercise monetary control.
    • The government introduces the monetary correction (Law No. 4506, November 30): nominal wages and contracts are adjusted by changes in prices using the IBRE’s IGP-DI price index.
    • GDP growth is 3.4% and inflation 92%.

  • 1965

    • In April, the IBRE modifies the methodology to calculate its Cost of Living Index.
    • The Government receives a US$125 million credit from the International Monetary Fund (IMF).
    • Lacerda asks for the end of PAEG and the resignations of Ministers Bulhões and Campos.
    • The National Commission for Price Stability (Conep), a Sunab department, sets systematic price controls for industry.
    • The opposition elects two governors, Negrão de Lima in Guanabara state and Israel Pinheiro, in Minas Gerais state. Both are PSD members and former allies of Kubitschek.
    • Institutional Act 2 (AI-2) authorizes indirect election of the president by Congress, extinction of all existing political parties, and creation of two other parties, the Government party Aliança Renovadora Nacional (National Aliance for Renovation, Arena) and the opposition Movimento Democrático Brasileiro (Brazilian Movement for Democracy, MDB).
    • “Corrective inflation” is adopted, increasing prices that were held artificially low, affecting public tariffs, foreign exchange, and prices of wheat, gasoline, and other products.
    • GDP growth is 2.4% and inflation 34.3%.

  • 1966

    • The Getulio Vargas Foundation creates the Post-Graduate School of Economics (EPGE) as an IBRE department; it later becomes an autonomous unit.
    • Changes in the electoral law authorize indirect elections of state governors become by state legislative assemblies.
    • In July General Costa e Silva suffers a bomb attack in Recife, and in October Congress elects him president of the Republic, with the UDN candidate, Pedro Aleixo from Minas Gerais state, as his vice president. MDB abstains from voting.
    • The Social Security system (INPS) is unified.
    • A market for public debt bonds is created. Public bonds include a clause by which their nominal value is adjusted for inflation (the monetary correction).
    • Job security after 10 years of work is replaced by the Time in Service Guarantee Fund (FGTS).
    • Savings accounts and house mortgages are launched.
    • GDP growth is 6.7% and inflation 39.1%.

  • 1967

    • The new Constitution is adopted.
    • The cruzeiro (Cr$) loses three zeros and is replaced by the cruzeiro novo (NCr$) — Cr$ 1,000 is equal to NCr$ 1. Eventualy, the cruzeiro novo is renamed simply cruzeiro.
    • General Costa e Silva assumes the presidency of the Republic.
    • Delfim Netto becomes Minister of Finance.
    • The Strategic Development Plan is launched to solve problems related to the structure and financing of trading food and to eliminate bottlenecks in infrastructure, industrial production, and domestic market.
    • Lacerda, Kubitschek, and Goulart create the Broad Front (Frente Ampla).
    • The Six-Day War takes place in the Middle East.
    • Manufactured products made for export are granted a tax exemption.
    • “Exporting is the solution” becomes the dominant economics theme.
    • GDP growth is 4.2% and inflation 25%.

  • 1968

    • The Navy creates a computer study center.
    • In Rio de Janeiro, the "March of 100 thousand" against dictatorship takes place.
    • The Council of Prices (CIP) is created.
    • In a speech opposition Federal Representative Márcio Moreira Alves (MDB), asks, “When will the Army stop being a shelter for torturers?”
    • The National Union of Students (UNE) meeting in Ibiúna (São Paulo state) is suppressed. Around 900 students are arrested, including José Dirceu.
    • The House of Representatives denies a Government request for license to sue congressman Moreira Alves.
    • North Americans elect Richard Nixon president.
    • A desk top computer, including keyboard and mouse, is introduced in the United States.
    • Institutional Act No. 5 (AI-5) grants exceptional powers to the Government. Among hundreds of other people Kubitschek and Lacerda are arrested. Congress is shut down.
    • The Brazilian “economics miracle” begins.
    • GDP growth is 9.8% and inflation 25.4%.

  • 1969

    • IBRE creates a new Wholesale Price Index.
    • Agricultural Price Indexes are released in Conjuntura Econômica for the first time.
    • Three ministers from Superior Federal Court (STF), one from Supreme Military Court (STM), and 39 members of parliament have their positions revoked.
    • An Embratel (state-owned telecommunication company) satellite station is inaugurated in Itaboraí, Rio de Janeiro state.
    • Minister Delfim Netto promises the economy will grow 10 percent.
    • Cebrap (Brazilian Center of Analysis and Planning) is founded by professors who had been expelled from University of São Paulo (USP), including Fernando Henrique Cardoso.
    • A stroke incapacitates President Costa e Silva. The military ignore Vice President Pedro Aleixo, and a Military Joint Committee formed by Armed Forces ministers begins to govern.
    • Constitutional Amendment No. 1 rewrites the Constitution of 1967 and creates, among other provisions, the lapse of time for decree-laws: if a decree sent by the Government to Congress is not voted on in 45 days, it is automatically deemed to be in force.
    • The government decrees the National Security Law.
    • The Army High Command chooses General Médici as candidate for presidency in September, and the reopened Congress elects him for a five-year term.
    • Costa e Silva dies.
    • GDP growth is 9.5% and inflation 19.3%.

  • 1970

    • The Wholesale Price Index is reweighted.
    • The Rio de Janeiro Stock Exchange sets a transaction record of Cr$ 24 million (US$ million) traded in a single day.
    • Brazil receives the biggest loan granted so far by the Inter-American Development Bank (IDB): US$ 66.5 million for the Ilha Solteira hydroelectric complex.
    • Mario Henrique Simonsen, Director of the FGV Post-graduation School of Economics, becomes president of the recently created Brazilian Movement for Alphabetization (Mobral).
    • The government announces the construction of the Trans-Amazonian Highway, running parallel to the Amazon River.
    • The expression “nobody stops this country” is disseminated.
    • IMF states that Brazil is the first country of Latin America to reach US$ 1 billion in reserves of strong currencies.
    • GDP growth is 10.4% and inflation 19.3%.

  • 1971

    • The World Bank approves loans of US$96 million, making Brazil its biggest client, with total indebtedness to the Bank of US$1 billion.
    • The expression “Brazilian miracle” becomes a popular description of the country’s economics development.
    • Congressman Ulysses Guimarães becomes president of the MDB party.
    • The first e-mail is sent in the United States.
    • A North American table tennis team goes to China to play.
    • Residents from seven different Brazilian capitals can make direct long-distance telephone calls.
    • The US Government removes the US dollar from the gold standard.
    • GDP growth is 11.3% and inflation 19.5%.

  • 1972

    • The Cost of Living and Construction Cost indexes for Guanabara state are reformulated.
    • Nixon visits China.
    • During a speech, President Médici says, "The economy is doing well, but our people are doing poorly."
    • In the debate about income distribution, the theory that “we have to let the pie grow before sharing it” is put forward.
    • The biggest Brazilian petroleum refinery is inaugurated in Paulínia, São Paulo state, by President Médici and the President of Petrobras, retired General Ernesto Geisel.
    • Devices for wire-tapping the Democratic Party Committee offices are found in the Watergate building in Washington.
    • Brazil’s National Development Plan I is launched.
    • Nixon is reelected president of the United States.
    • GDP growth is 12% and inflation 15.7%.

  • 1973

    • The US Senate begins to investigate the Watergate case.
    • The government announces construction of the Itaipu Hydroelectric Power Plant.
    • Retired General Geisel is the government’s candidate for president.
    • MDB launches Ulysses Guimarães as a candidate to run for president, despite having no chance to win.
    • A military coup in Chile ends with the death of Socialist President Salvador Allende and the rise of General Augusto Pinochet.
    • Yom Kippur War breaks out. Israel defeats troops invading from Syria and Egypt. In revenge, Arab countries determine a petroleum embargo against Israel’s allies. The oil price jumps from US$2.90 a barrel to US$11.65.
    • Siderbrás (holding company for the government-owned steel works) is created.
    • GDP growth is 13.9% and inflation 15.6%.

  • 1974

    • Consumer price indexes in Guanabara is reformulated once again.
    • The FGV Post-Graduate School of Economics inaugurates a doctoral course.
    • Rio-Niterói Bridge is opened for traffic.
    • Retired General Ernesto Geisel leaves the presidency of Petrobras and after election by Congress assumes the president of the Republic. He promises a slow, gradual, and safe re-democratization.
    • Mario Henrique Simonsen succeeds Delfin Neto as Minister of Finance.
    • National Development Plan II is launched, giving priority to investments in power (to reduce dependence on foreign sources), industries and infrastructure.
    • General Sylvio Frota becomes Minister of the Army after the death of General Dale Coutinho.
    • The petrodollar —a US dollar earned by a country though the sale of petroleum— emerges, thanks to the increased income obtained by OPEC countries.
    • Petrobras finds petroleum in Campos Basin in Rio de Janeiro state.
    • The states of Guanabara and Rio de Janeiro are merged into a single state.
    • Brazil resumes diplomatic relations with China.
    • Nixon resigns as president of the United States because of his involvement in the Watergate case, and Vice President Gerald Ford succeeds him.
    • Nuclebrás (Brazilian Nuclear Corporation) is created.
    • The MDB wins legislative elections with 72.75% of votes.
    • GDP growth is 8.1% and inflation 26.9%.

  • 1975

    • The Construction Cost Index for Rio de Janeiro city is again reformulated.
    • Construction of Itaipu begins.
    • Microsoft is founded.
    • North Americans leave Vietnam.
    • The National Alcohol Program (Proálcool) is created to stimulate the production and use of combustible alcohol as a substitute for gasoline.
    • Imports, particularly of computers, are restricted — the intent of the “market reserve” is to promote the new and growing national computer industry.
    • A nuclear agreement is signed with Germany.
    • Petrobras signs for the first time contracts with foreign companies for petroleum prospecting.
    • GDP growth is 5.1% and inflation 29.3%.

  • 1976

    • The Wholesale Price Indexes are reweighted.
    • The IBRE Agricultural Information Group is created.
    • President Geisel fires General Ednardo D’Avila Mello, a commander of the 2nd Army (II Exército), which is responsible for the deaths of journalist Vladimir Herzog and worker Manoel Fiel. He is succeeded by General Dilermando Gomes Monteiro.
    • Apple makes the first personal computer.
    • The Government creates a council and changes the law to grant permission to foreign companies to produce computers in Brazil.
    • BNDES announces a privatization plan.
    • Former President Kubitschek dies in an accident on the Rio-São Paulo highway.
    • The Vietnam War ends.
    • To travel to the US, Brazilians must make a Cr$12,000 (US$ ) deposit, which is held for one year.
    • In China Mao Tse-tung dies.
    • Democrat Jimmy Carter is elected president of the United States.
    • In December Goulart dies in Argentina, the only former president to die in exile.
    • GDP growth is 4.9% and inflation 38.8%.

  • 1977

    • A new formula is introduced for calculating food group in Consumer Price Indexes.
    • In the US e-mail conversations over the Internet begin.
    • Opposition politician Carlos Lacerda dies.
    • Government breaks its military agreement with the United States, after US had made public statements about the human rights situation in Brazil.
    • Congress is closed. The April Package (Pacote de Abril) continues indirect elections for state governors, creates the “bionic senator” (a senator appointed by the President), and increases the term for future presidents of the Republic from four to six years.
    • Metallurgists on strike in São Paulo, lead by Luiz Inácio Lula da Silva, seek salary increases.
    • General Frota is fired from the Ministry of the Army and is succeeded by General Fernando Bethlem.
    • GDP growth is 4.9% and inflation 39%.

  • 1978

    • In the ABC region, São Paulo state, unions and companies make 166 agreements, benefiting 260,000 workers, thanks mainly to the efforts of the president of the São Bernardo and Diadema Union of Metallurgists, Luís Inácio da Silva, known as Lula, a nickname then incorporated into his name.
    • Strikes are forbidden in sectors deemed strategic for national security, such as energy.
    • In October, during the indirect elections for president of the Republic, General João Baptista Figueiredo (Arena) receives 355 votes against 266 for General Euler Bentes (MDB). And in November, during legislative elections, Arena candidates running for the Senate receive 13.1 million votes and MDB candidates 17.4 million; for the House of Representatives, Arena gets 15 million and MDB 14.8 million.
    • Institutional Act No. 5 (AI-5) is revoked and habeas corpus is restored.
    • GDP growth at is 4.9% and inflation 40.7%.

  • 1979

    • The IBRE Letter is launched providing economics analysis on a monthly basis.
    • The IBRE Center for Monetary Studies and International Economy (CEMEI) is created.
    • Following a decision of December 28, 1978, in January the Government purchases Light (foreign electricity distribution company), acquiring the 83% of shares held by Canadian holding company Brascan for US$436 million.
    • General Figueiredo is inaugurated president of the Republic and promises to maintain political openness. Among the ministers appointed are Karlos Rischbieter, Finance; Mario Henrique Simonsen, Planning; Delfim Netto, Agriculture; and Petrônio Portela, Justice.
    • The Amnesty Law is passed, and the multiparty system is back.
    • Rischbieter leaves the Ministry of Finance and is succeeded by Ernane Galvêas. Delfim succeeds Simonsen as Minister of Planning.
    • GDP growth is 6.76% and inflation 77.3%.

1980
  • 1980

    • The government projects an annual inflation at 45%. 
    • A constitutional amendment approved by the Congress reestablishes direct elections for state Governor, and puts an end to Senators appointed by the President. 
    • Metallurgists from the ABC region and another 15 cities in the interior of São Paulo state go on strike for a salary increase. Lula and 12 other union leaders are arrested under the National Security Law. 
    • GDP growth is 9.2% and inflation 110%. 

  • 1984

    • In October, IBRE alters the formula for calculating the Wholesale Price Index (IPA). 
    • The House of Representatives does not approve the amendment allowing direct election of the president. 
    • A new Extended Fund Facility (EFF) agreement is negotiated with the IMF for US$ 5.5 billion; half of that amount is disbursed. 
    • In a Letter of Intent sent to the IMF, the Government communicates that monetary correction will be equal to or higher than IGP-DI adjusted for price shocks. 
    • GDP growth is 5.4% and inflation 223.8%. 

  • 1986

    • In January, IBRE incorporates new items and updates weights of the INCC (National Construction Cost Index). The number of locations covered is increased from 8 to 16 municipalities and Brazilian capitals. 
    • IBRE hands over IBGE (Brazilian Institute of Geography and Statistics) two official functions—the calculation of national accounts, and the official inflation. IBRE continues to calculate its price indexes (incompleto). 
    • Falta um item. 
    • In February Minister Funaro launches the Cruzado Plan (Plano Cruzado), which freezes prices and salaries for one year and puts an end to monetary correction, modifying the currency from cruzeiro (Cr$) to cruzado (Cz$), with three zeros dropped. 
    • PMDB wins the elections, controlling the government in 22 of the 23 states. 
    • As the Cruzado Plan falls apart, the government reacts launching the Cruzado Plan II. Among other initiatives it frees up product and service prices and changes the inflation calculation, basing it on the expenses of families with income as low as five times the minimum wage. 
    • GDP growth is 7.49% and inflation 65.3%. 

  • 1990

    • Starting in January, the IBRE’s Consumer Price Index begins to include price variations observed in the cities of Rio de Janeiro and São Paulo. The new index is named IPC-Brazil and has weights based on the household budget survey (covering population whose monthly income is between 1 and 33 times the minimum wage). 
    • On March 15th one day after assuming his position, President Collor announces the New Brazil Plan or Collor Plan, engineered by Minister of Finance Zélia Cardoso de Mello’s team: The cruzado novo (NCr$) is cancelled, the cruzeiro (Cr$) comes back to life, and deposits over NCr$ 50,000 (US$ ) in current and savings accounts are blocked for 18 months; another price freeze is applied; and subsidies and fiscal incentives are ended. 
    • The Gulf War takes place. 
    • The Council of Prices (CIP) is extinguished. 
    • The National Privatization Program is launched. 
    • GDP falls 4.35% and inflation rises 1.477%. 

  • 1993

    • In January, IBRE increases the number of products in its Wholesale Price Index (IPA) from 423 to 481. 
    •The Institute for Applied Economics Research (Instituto de Pesquisas Econômicas Aplicadas, IPEA) reveals that 32 million Brazilians are starving. 
    • A campaign against hunger (Ação da Cidadania contra a Miséria e Pela Vida, or Campanha contra a Fome) is launched by sociologist Herbert de Souza, also known as Betinho. 
    • In a plebiscite, monarchy and parliamentary systems are rejected and the republic and presidential regime is retained. 
    • Budget irregularities are identified by the inquiry commission, which accuses six ministers, three governors, and 23 representatives and senators. An inquiring commission is open. 
    • The National Iron and Steel Company (CSN) is privatized. 
    • The Maastricht Treaty leads to the creation of the European Union. The European Community, until then only a free trade zone, begins its political and economics integration. 
    • In September IBRE’s version 10 of the IGP (IGP-10) is launched. 
    • GDP growth is 4.7% and inflation 2,708%. 

  • 1994

    • IBRE releases the new weights being used for Consumer Price Indexes, components of IGP-DI, IGP-M, and IGP-10. 
    • In order to implement a single currency (the euro), the European Union creates the European Monetary Institute, which will eventually become the European Central Bank. 
    • The Real Value Unit (Unidade Real de Valor, URV) is created. This is a new index equal to one dollar (or CR$ 2.750). 
    • Rubens Ricupero replaces Fernando Henrique Cardoso as Minister of Finance. 
    • The Real Plan (Plano Real) becomes in force. The new currency is the real (R$). 
    • Ciro Gomes replaces Ricupero as Minister of Finance. 
    • Mexico’s foreign exchange crisis affects the economies of other emerging countries (the “tequila effect”). 
    • Cardoso (PSDB-PFL) is elected president in the first election round with 54% of the vote against 27% for Lula (PT). 
    • The Free Trade Area of the Americas (FTAA) is created, to come into operation in 2005. 
    • The Central Bank of Brazil puts two bankrupt state-owned banks under receivership: the Banespa and Banerj. 
    • GDP growth is 5% and inflation at 1,094%. 

  • 1996

    • IBRE reduces the number of products in its Wholesale Price Index (IPA) from 481 to 477. 
    • Light Serviços de Eletricidade S.A.(government’s electricity distribution company) is auctioned on the Rio de Janeiro Stock Exchange for US$2.3 billion. 
    • GDP growth is 2.15% and inflation 9.34%. 

  • 1999

    • IBRE establishes the Center for Statistics and Economics Analysis, merging the database and the Center for Trend Studies (Centro de Estudos de Tendências). 
    • Fernando Henrique Cardoso is inaugurated and promises to generate more jobs. 
    • Twelve European countries adopt the euro as their currency. 
    • The real depreciates against the dollar. 
    • Gustavo Franco leaves the presidency of the Central Bank and is succeeded first by Francisco Lopes, then by Armínio Fraga. 
    • Minas Gerais state Governor Itamar Franco decrees a 90-day moratorium of his state debt. 
    • GDP is 0.25% and inflation 19.98%. 

2000
  • 2000

    • IBRE creates the Center for Social Policies (CPS). 
    • The First World Social Forum meets in Porto Alegre. 
    • The Spanish bank Santander acquires Banespa bank in an auction. 
    • In elections for mayor and councilors in 5,548 municipalities PT party receives the majority of votes, winning in 17 of the 62 most important cities. 
    • After a challenged computation of votes, Republican George W. Bush is deemed president of the United States, defeating Democrat Al Gore. 
    • GDP growth is 4.31% and inflation 9.81%. 

  • 2001

    • IBRE reduces the number of products in its Wholesale Price Index (IPA) from 477 to 462. 
    • President Fernando Henrique Cardoso says Brazil must "Export or die.” 
    • On September 11th, Al-Qaeda terrorists, under the guidance of Osama Bin Laden, crash two passenger planes into the World Trade Center’s twin towers, in New York, eventually bringing them down. Another plane hits the Pentagon in Washington and a fourth one falls in a rural area in Pennsylvania. 
    • The United States invades Afghanistan for giving shelter to Bin Laden. 
    • A crisis in the Brazilian power supply sector reduces consumption by 20%. The government blames a lack of rain. 
    • In response to an economic crisis in Argentina, President Fernando De La Rúa and Minister of the Economy Domingo Cavallo resign. 
    • GDP growth is 1.31% and inflation 10.40%.

  • 2002

    • The IMF lends Brazil US$30.4 billion loan. The president commits to achieving a primary budget surplus of 3.75% of GDP in the next three years, establishing inflation targets, and limiting Central Bank’s intervention in the foreign exchange market to a maximum of US$ 3 billion monthly. 
    • In Argentina President Eduardo Duhalde launches an economics package, causing a devaluation of the peso after 10 years of parity with dollar. His government appeals unsuccessfully to the IMF. Roberto Lavagna becomes the sixth Minister of the Economy in 13 months. 
    • IMF considers the economics program of the Brazilian Labor Party (PT) presidential candidate “prudent and cautious.” 
    • Lula (Labor Party (PT) and Liberal Party (PL) alliance) receives 61.3% of the vote, defeating the government candidate, José Serra (PSDB-PMDB). 
    • IBRE creates the Weekly Consumer Price index (IPC-S) based on the collection of almost 200,000 quotations related to 425 products and services. 
    • GDP growth is 2.66% and inflation 26.41%. 

  • 2003

    • At his inauguration Lula commits to eradicate hunger and promise to promote astounding growth. Antonio Palocci heads up the Ministry of Finance and banker Henrique Meirelles the Central Bank. 
    • The Zero Hunger (Fome Zero) Program is launched. 
    • Lula attends the III World Social Forum in Porto Alegre city, then the World Economics Forum in Davos, Switzerland. 
    • The World Bank grants Brazil a US$500 million loan. 
    • US Troops invade Iraq with the justification that Saddam Hussein’s government produced and stored weapons of mass destruction. 
    • In Argentina Néstor Kirchner (Peronist Party) becomes president and decides not to pay the country’s foreign debt to avoid impoverishing the population. 
    • Brazil enacts pension fund and tax reforms. 
    • The government launches Bolsa-Família, a support program for poor families. 
    • GDP growth is 1.15% and inflation 7.67%. 

  • 2004

    • Vice President José Alencar and Chief of the House José Dirceu criticize high interest rates. 
    • George W. Bush is reelected president of the United States. 
    • Interest rates increase from 16.5% in the beginning of the year to 17.75% at the end. 
    • GDP growth is 5.71% and inflation 12.14%. 

  • 2005

    • José Alencar continues to criticize high interest rates. 
    • Lula promises to maintain the government’s economics policy. 
    • In an interview to Folha de São Paulo newspaper, representative Roberto Jefferson, PTB national president, exposes a corruption scheme in the National Congress, involving allied representatives who every month receive R$30,000 from the PT party. He claims the scheme was coordinated by José Dirceu, Chief of the Civil House, and Delúbio Soares, PT party treasurer. (Falta um trecho) 
    • Congress creates inquiry commission to investigate claims of corruption in the postal service. 
    • Representative José Dirceu is removed from the Civil House and returns to the House of Representatives. 
    (Falta um trecho) 
    • In September, Jefferson’s term is revoked by his colleagues in the House of Representatives. In December, it is José Dirceu’s turn. They lose their political rights for 10 years. 
    • Rogério Buratti accuses Palocci — for whom he had worked as an advisor in Ribeirão Preto City Hall — of receiving R$50,000 per month from contractors during his term as mayor between 2001 and 2002. Palocci denies the allegations. 
    • Foot-and-mouth disease affects meat exporting. 
    • GDP growth is 2.94% and inflation 1.22%. 

  • 2006

    • IBRE alters the number of products in its Wholesale Price Index (IPA) from 462 to 460 items. 
    • Bolivian Government announces the nationalization of Petrobras facilities operating in the country. 
    • Palocci resigns from the Ministry of Finance over allegations that he had authorized an illegal investigation of his housekeeper Francenildo Costa’s bank accounts, who accused Palocci of favoring lobbyists. Palocci denies allegations. Guido Mantega becomes Minister of Finance. 
    • Under the command of President Evo Morales, the Bolivian Army occupies Petrobras facilities. 
    • Petrobras announces that Brazil is self-sufficient in oil production. 
    • In São Paulo, Federal Police arrest PT members and find R$1.7 million to finance a smear campaign against José Serra (PSDB), a candidate for São Paulo governor. 
    • With 60.83% of the votes, Lula is reelected, defeating Geraldo Alckmin (PSDB). 
    • Flight delays and cancellations cause protests at airports. 
    • Having been president of Venezuela since 1998, Hugo Chávez is reelected for another 6 years with 62% of the vote. He promises to intensify the socialist revolution and change the Constitution to make his reelection indefinite. 
    • GDP growth is 3.7% and inflation 3.79%. 

  • 2007

    • The government launches the Growth Acceleration Program (Programa de Aceleração do Crescimento — PAC) and promises to invest R$ 504 billion in the next four years. 
    • The Supreme Federal Court receives indictments against 40 mensaleiros (deputies receiving undeclared big monthly payment). 
    • Disruptions in the air transport sector continue. 
    • Nelson Jobim replaces Waldir Pires as Minister of Defense. 
    (Falta um trecho) 
    • Renan Calheiros, president of the Senate, is accused of using a lobbyist to pay a pension for his daughter, born from an extramarital affair, but is acquitted by the Plenary. Faced with other accusations, he asks for a leave of absence. 
    • The government works to get the Senate to approve the extension of the Provisional Contribution on Financial Transactions (Contribuição Provisória sobre Movimentação Financeira — CPMF) until 2011before the end of the year. 
    • The price of a barrel of petroleum goes beyond US$90. 
    • There is a crisis in the supply of gas. 
    • Conjuntura Econômica magazine completes 60 years uninterrupted monthly publication by the Getulio Vargas Foundation. 

  • 2008

    • IBRE restructures its Whole Sale Index (IPA) based on IBGE’s National Classification of Economics Activities (CNAE 1.0), and reduces the number of items from 460 to 356.

  • 2009

    • Industry Investment Survey is launched.
    • Creation of CODACE - Economic Cycles Dating Committee that aims at establishing the reference chronologies for Brazilian economic cycles.
    • In August, IBRE starts its presence in social networks and creates a profile on Twitter.

  • 2010

    • In January of this year, the new IBRE/FGV’s portal is launched. 
    • In April 2010 the denomination of the IPA was changed from Wholesale Price Index to Broad Producer Prices Index, but the abbreviation IPA was maintained.
    • In June the Services Survey was created - Services Confidence Index (ICS).
    • The August/September 2010 edition of British magazine The Economist portrays an editorial and article “the miracle of Brazilian agriculture”, taking as basis such results obtained in survey “Who produces what on the field: how much and where II” - performed by members of IBRE's Center for Agricultural Studies (CEA), Daniela Rocha, Ignez Guatimosim Vidigal Lopes, and Mauro de Resende Lopes.
    • The Conjuntura Econômica magazine launches in October the video collection “Conjuntura Brasil – Project Contemporaneous Brazilian Economic History" (História Econômica Brasileira Contemporânea), sponsored by Oi and supported by Oi Futuro and the Ministry of Culture.
    • In November, the Conjuntura Econômica magazine is the winner of the 18th Edition of the CNH - Case New Holland - Award in Economic Journalism – in the “Journalistic Excellence” category, with article Oil and Gas (Petróleo e Gás) – Regulatory Framework – a salty debate (August 2010 edition), by Liliana Lavoratti.

  • 2011

    • The electronic version of Conjuntura Econômica magazine commercialized in the USA, The Brazilian Economy, conquers space in the Brazil-China Chamber of Commerce and Industry in January.
    • On February 11, IBRE launched a new profitability index for the Brazilian commercial real estate market: General Index for the Commercial Real Estate Market (IGMI-C).
    • In July, IBRE creates its profile on Facebook.
    • Aiming at expanding its presence on social networks, IBRE adheres to LinkedIn in August with a corporate profile and a discussion group.
    • On September 24, IBRE turns 60 years old. The institute was established in 1951 to produce financial indicators of great relevance for the country’s economic history, among them the GDP and National Accounts, currently calculated by the IBGE.

  • 2012

    • January: IBRE's channel at FGVTV (FGV's profile on YouTube) reaches the mark of 200 videos produced, which provides comments from economists regarding the indexes and surveys released by the institute. In the same month, IBRE inaugurates a profile on the page of SoundCloud to make available podcasts (audio recordings published on the internet).
    • In February, the article “Regulatory Framework:  a salty debate”, written by journalist Liliana Lavoratti and published in the 2010 March edition of Conjuntura Econômica, was the winner of the 10th edition of the ONIP Journalism Award in the "Magazine" category.
    • February: The Consumer Price Index – Brazil (IPC-Br) undergoes its 11th weighing structure update. Differently from the latest revisions – guided by Family Budget Surveys (POFs) performed by FGV – the current one assumes as its base the POF carried out by the Brazilian Institute of Geography and Statistics (IBGE) between 2008 and 2009.
    • March: Conjuntura Econômica magazine launches an iPad version. Keeping pace with technological developments, Conjuntura Econômica magazine now has its printed version adapted for iPads. This is FGV’s second official application at Apple store. The first one was The Brazilian Economy (English electronic version of Conjuntura Econômica magazine). The inclusion process of both editions – in Portuguese and English – on iPads is part of IBRE's effort to keep up with new technologies and through them expand the array of access to quality information produced by the magazine.
     

  • 2013

    • In January 2012, the IBRE Portal went mobile. It is now possible to access a lighter version of the portal using smartphones, tablets, and other mobile devices. The mobile format, designed by the Center of Portal Administration and Infrastructure (NAPI/IBRE), makes browsing faster and more efficient, since it presents only the main topics on the opening page and does not load pictures and large files first as the classic version does. The sections of the new version are  News, Calendar of Announcements,  Directly from the Editorial Room, the IBRE Letter), the Economic Situation (from Conjuntura Econômicamagazine), Applied Economics, IBRE Events, and Media.
     

2020
  • 2020

    • The World Health Organization declared a state of pandemic regarding the coronavirus on March 11th.

  • 2021

    • Creation of the FGV Datasan product.

  • 2022

    • Launch of IVAR.

    • Launch of the Labor Market Survey.

  • 2023

    • New INCC.

    • Establishment of the Northeast Development Study Center.

    • Creation of the Budget and Fiscal Policy Center.