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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).


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.


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.


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.

IBRE Timeline


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).

 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. 

1948 | 
• The Organization of American States (OAS) is created. 
• Construction begins on the Paulo Afonso Hydroelectric Power Plant (completed in 1954) and on the extension and paving of President Dutra Road — the Rio-São Paulo road (opened for traffic in 1950). 
• The State of Israel is founded. 
• The Economics Commission for Latin America and the Caribbean (Eclac), which is related to the UN, is founded in Santiago, Chile. 
• The Salte Plan is launched (”Salte” is an acronym for Portuguese words referring to health, food, transport, and power) to manage public investments in essential sectors. It is Brazil’s first economics planning experiment. 
• The Joint Brazil–United States Technical Commission is established, with Brazilian Octavio Gouvêa de Bulhões and North American John Abbink as co-presidents, to diagnose problems and propose reforms in the Brazilian economy. 
• The UN issues the Declaration of Human Rights. 
• Brazil registers GDP growth of 9.7% and inflation of 5.9%. 

1949 |  
• FGV creates the new Cost of Living Index, which covers 45 items. 
• Brazil begins to self-finance electricity, telephone, and gas services. 
• The People’s Republic of China is proclaimed. Mao Tse-tung is in power. 
• Coffee exports reach record volumes, with almost 1.2 million metric tons. 
• GDP growth is 7.7% and inflation 8.1%. 

1950 | 
• In March, the first Construction Cost Index is released by FGV, based on data from before 1945. 
• The Construction Cost Index indicates that the number of construction workers had quadrupled in 10 years. 
• Until 1949, the General Price Index was calculated as an average of the Wholesale Price and Cost of Living Indexes in Rio de Janeiro; in 1950 the Construction Cost Index in Rio is added. 
• Brazil has 51.9 million inhabitants, two-thirds of whom live in rural areas. 
• Between 1945 and 1950, electric power capacity increased from 1,340 megawatts to 1,800. 
• A government-owned petroleum refinery is inaugurated in Mataripe in the Bahia state.. 
• In the election for President of the Republic, Getúlio Vargas (candidate of Labor Party, PTB, and Progressive Social Party, PSP) receives 48.7% of the votes, defeating the National Democratic Union (UDN) candidate, Brigadier General Eduardo Gomes (29.7%); the Social Democratic Party (PSD) candidate, Cristiano Machado (21.4%); and the Brazilian Socialist Party (PSB) candidate João Mangabeira (0.2%). 
• GDP growth is 6.8% and inflation 12.4%. 

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%. 

1952 |  
• In February price indexes for São Paulo state are released for the first time. 
• President Vargas increases the minimum wage from Cr$380 (US$ ) to Cr$ 1.200 (US$ ). 
• The Economics Modernization Plan is launched, as well as an industrial program setting out policies for several sectors. 
• The National Bank for Economics Development (BNDES) and the Brazilian Coffee Institute (IBC) are established. 
• The National Electrification Fund is established and the creation of Eletrobras (National Power company) is proposed. 
• Foreign companies’ profit remittances are limited to only 10% of their invested capital. 
• GDP growth is 7.3% and inflation 12.7%. 

1953 | 
• João Goulart (“Jango”), from Rio Grande do Sul state, president of the PTB political party and a federal representative, becomes Minister of Labor and promises to double the minimum wage. 
• Oswaldo Aranha, successor of Horácio Lafer as Minister of Finance, implements a new exchange rate policy, reducing imports and stimulating domestic production. 
• Petrobras (National Oil Company) is created with a monopoly over petroleum production and prospecting. 
• Banco do Brasil (government-owned commercial bank) creates its Foreign Trade Facility (Cacex). 
• GDP growth is 4.7% and inflation 20.6%. 

1954 | 
• Jango resigns as Minister of Labor. 
• A Petrobras refinery is opened in Cubatão (São Paulo state), and months later another one in Manguinhos (Rio de Janeiro state) by the private initiative. 
• On May 1, Vargas doubles the minimum wage from Cr$ 1,200 (US$ ) to Cr$ 2,400 (US$ ). 
• The United States Government puts an embargo on imports of Brazilian coffee because the minimum price has been increased. 
• Journalist Carlos Lacerda survives an attack by gunmen hired by the President Vargas's personal guard without his knowledge. Air Force Major Rubens Vaz who was escorting Lacerda dies. 
• 30 generals, including Castello Branco, ask Vargas to resign. 
• Getúlio commits suicide at Catete Presidential Palace with a gunshot to his heart. 
• Vice-president Café Filho becomes president. 
• Eugênio Gudin is named Minister of Finance in late August. He cuts public expenses and implements income tax payroll deductions for salaried workers. In September, to fight foreign exchange crisis, he obtains loans of US$ 200 million from a total of 19 North American banks. In October, he tightens the credit.
• GDP growth is 7.8% and inflation 25.8%. 

1955 |  
• The Wholesale Price Index is expanded from 25 products to 90. 
• In February, the PSD political party nominates Juscelino Kubitschek to run for president; he promises to build a new capital, Brasília. 
• Paulo Afonso, the first large hydroelectric power plant in Northeastern Brazil, begins operations on the São Francisco River. 
• Gudin is replaced as Minister of Finance by José Maria Whitaker. 
• Juscelino Kubitschek (PSD-PTB) is elected president of the Republic with approximately three million votes, defeating General Juarez Távora (UDN party), who received 2.6 million votes. Jango, a member of Kubitschek’s electoral coalition, is elected vice president of the Republic with 3.6 million votes — both positions had separate voting. 
• General Henrique Teixeira Lott removes the president of the House of Representatives Carlos Luz, who had become president of the Republic when Café Filho became unable to serve. Lott asserted that Carlos Luz was connected to a group planning a coup led by Lacerda to prevent Kubitschek from assuming the presidency because he had not received an absolute majority of votes. Nereu Ramos, president of the Senate, becomes president of the Republic. Lacerda is granted asylum by the Embassy of Cuba. 
• GDP growth is 8.8% and inflation 12.2%. 

1956 |  
• Juscelino Kubitschek is inaugurated as president. He launches the National Development Plan, or Program of Goals, based on some tolerance for inflation, government intervention in the economy, and international fund raising, to build up the food, education, base industry, power, and transport sectors. 
• Petrobras begins feasibility studies for a refinery in Duque de Caxias, Rio de Janeiro state (it went into operation in 1961). 
• Construction of Brasilia begins. 
• The Executive Group for the Automobile Industry (GEIA) is created. 
• Mercedes-Benz opens a truck factory in São Bernardo do Campo, São Paulo state. 
• Construction of Três Marias Dam, Minas Gerais state, begins. 
• GDP growth is 2.9% and inflation 24.5%. 

1957 | 
• The Treaties of Rome are signed by West Germany, Italy, Belgium, France, Holland, and Luxembourg, forming the European Economics Community. 
• The Volkswagen factory produces the first Kombi minivan made in Brazil, using 50% Brazilian parts. 
• A general strike of 400,000 workers in São Paulo lasts 10 days. 
• GDP growth is 7.7% and inflation 7%. 

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%. 

1959 | 
• The minimum wage reaches Cr$ 6,000 (US$40). 
• Fidel Castro takes power in Cuba in January, and visits Brazil in May. 
•President Kubitschek announces a rupture between Brazil and the International Monetary Fund. 
• In Rio Grande do Sul state, a North American electric power concession is nationalized by Leonel Brizola. 
•The Volkswagen assembly line in São Bernardo do Campo, São Paulo state, is inaugurated by Juscelino. The first car made in Brazil appears on the streets. 
• Rio-São Paulo air shuttle service starts. 
• The Vietnam War begins, with the US-supported South fighting against the communist North. 
• The Superintendence for the Development of the Northeast (Sudene) is created, inspired by economist Celso Furtado, who publishes Formação Econômica do Brasil (The Economics Growth of Brazil: A Survey from Colonial to Modern Times. Los Angeles: University of California Press, 1963) in the same year. Northeast is the poorest region in the country. 
• GDP growth is 9.8% and inflation 39%.

You may contact our team of consultants by email ibre@fgv.br For advertisements and information about Conjuntura Econômica magazine call +5521 3799 6853 or send an e-mail to conjunturaeconomica@fgv.br.
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