Brazil Listed Companies, Total Capital Spending (BRL Billion)

## What this measures

Total annual capital expenditure: cash spent acquiring property, plant and equipment, intangible assets and (for concession utilities) contract assets, from the investing section of the cash-flow statement, summed over companies registered with Brazil's securities regulator (CVM) in Category A, the issuers allowed to list shares on B3, that filed annual statements with a sales revenue line for the year (consolidated statements where filed). Banks and insurers are left out: they report financial intermediation income instead of sales. Annual, fiscal years ending 2010 onward.

## Why it matters

Listed-company capex is a direct read on business investment in Brazil, led by Petrobras, Vale and the power utilities.

## How to read it

Read changes between years; nominal reais rise with inflation, so compare with Brazil's IPCA or use the ratio series.

## What it does not say

Companies registered in a year count in that year, including those that later delisted, so the series has no survivorship bias, but the population changes as companies list and delist. A listed subsidiary of a listed parent is counted in both. Figures are nominal reais (no inflation adjustment). The latest year is published once at least 80% as many companies have filed as the year before.

## Source

Palanor calculation from CVM, Portal de Dados Abertos (https://dados.cvm.gov.br/), annual financial statements (DFP), Open Database License (ODbL).