Business confidence in Brazil has reached its highest point in almost three years, the Brasil news agency reports.

The Brazilian news agency reports that the Industry Confidence Index reached 90.7 points, the highest monthly result since May 2014. The index is compiled by the Fundação Getulio Vargas, a higher education institute, which found that 15 of the 19 business sectors surveyed showed an improved ranking in production, employment, sales and investments.

Research coordinator Tabi Thuler Santos told Brasil that of the 781 companies that were surveyed, the majority were still concerned over the health of their business.

Brazilian gross domestic product contracted by 3.6 percent last year. It was the second consecutive year of recession in the South-American nation.