Although an improvement of the expectations could be detected, the Ifo/FGV indicator of Economic Climate in Latin America (ICE) for October - developed in partnership between the German Ifo Institute and FGV, with data from the Ifo World Economic Survey (WES) - once again reached 4.4 points, just like the last poll in July.The stability was established by a combination of the deterioration in the Ifo Indicator/FGV for the Current Situation (ISA) (from 4.5 to 4.0 points) and an improvement in the Ifo/FGV Indicator of Expectations (IE) (from 4.3 to 4.8 points). However, both indicators were below the historic average of the past ten years, remaining in the unfavorable assessment area.The indicators of Economic Climate (ICE), ISA and IE are favorable for Bolivia, Colombia, Peru and Paraguay. In Colombia, there was a deterioration in the economic climate, pulled by the expectations. In Paraguay, there was a decrease of the ISA and IE indicators, but the ICE is still the largest in the region despite the fall.Only Chile and Ecuador presented a favorable ICE for October 2013. In Brazil, despite the unfavorable ICE, the three indicators have improved and the expectations are in a favorable area, signaling a recovery phase for the economy.Please go to IBRE's website and learn more about the economic climate in Latin America (in Portuguese).