The Trade Confidence Index (ICOM), calculated by FGV's Brazilian Institute of Economics (IBRE), recorded an average for the quarter ended in June 3% lower than in the same period in 2012, from 126.4 to 122.5 points. Despite the decrease, the Institute points out that there was a slight evolution, considering the 3.6% decrease of the indicator in the quarter ended in May.According to IBRE, this was determined entirely by the improved expectations for the following months, suggesting an even moderate pace of activity in the second quarter with a gradual acceleration of economic activity in the third quarter.  Please click here and read the complete survey (only in Portuguese).