Brazil's Industrial Entrepreneur Confidence Index (ICEI) rose for the third month in a row in August, to reach 59.4 points, according to a survey released by the National Confederation of Industry (CNI) on Tuesday.

The index is 4.9 points above the historical average of 54.5 points on a scale from zero to 100, where results above 50 points indicate industry leaders have confidence in the economic outlook.

According to the survey, optimism among business people increased due to an upgraded industry economic outlook for the next six months.

Confidence increased among all businesses, especially among medium-size (59.5 points) and large enterprises (59.7 points).

A breakdown by sector shows confidence particularly grew among extractive industries (62.8 points), and remained stable among the processing (59.5 points) and construction (58.5 points) industries.