Economy August 3, 2026 06:50 AM

Bolsonaro Narrows Gap With Lula as Nexus/BTG Poll Shows Tight Race Ahead of October Vote

New survey finds razor-thin margin in simulated runoff and shifting first-round support among leading candidates

By Jordan Park
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A recent Nexus/BTG Pactual poll finds President Luiz Inacio Lula da Silva and Senator Flavio Bolsonaro virtually tied as Brazil moves toward the October presidential election. In a hypothetical second-round runoff Lula holds 46% to Bolsonaro's 45%, while first-round figures show Lula at 41% and Bolsonaro at 37%. The survey of 2,002 respondents was conducted July 31-August 2 and carries a reported margin of error of 2 percentage points.

Bolsonaro Narrows Gap With Lula as Nexus/BTG Poll Shows Tight Race Ahead of October Vote
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Key Points

  • A Nexus/BTG Pactual poll shows Lula at 46% and Flavio Bolsonaro at 45% in a simulated second-round runoff, indicating a near tie.
  • First-round scenario from the same poll places Lula at 41% and Bolsonaro at 37%, with Ronaldo Caiado at 5%, Renan Santos at 4%, and Romeu Zema at 3%.
  • Sectors likely to be sensitive to the outcome include defense and mining (rare earths), given Lula's stated pledges, and broader financial markets that typically react to electoral uncertainty.

SAO PAULO, Aug 3 - A Nexus/BTG Pactual survey released Monday shows a highly competitive contest between incumbent President Luiz Inacio Lula da Silva and Senator Flavio Bolsonaro as Brazil approaches October's presidential election.

In the poll's simulated head-to-head runoff scenario Lula registers 46% support versus 45% for Bolsonaro. That represents a narrowing of the gap from an earlier Nexus poll taken on July 27, which had Lula ahead 47% to 43%.

The survey also presented a first-round projection. In that scenario Lula leads with 41% of votes, followed by Bolsonaro on 37%. Other named contenders placed well below the two frontrunners: Ronaldo Caiado at 5%, Renan Santos at 4% and Romeu Zema at 3%.

By comparison, the previous first-round reading showed Lula at 42% and Bolsonaro at 33%. Under Brazil's electoral rules, if no candidate secures more than 50% of valid votes in the first round the two highest-polling candidates advance to a runoff.

The poll was carried out from July 31 to August 2, with 2,002 individuals surveyed and a stated margin of error of 2 percentage points.

Separately, the party formalized Lula's candidacy on Sunday. The 80-year-old was officially named the Workers' Party candidate for a fourth non-consecutive term and used his nomination to pledge increased defense investment and protections for Brazil's rare earths.


Context and implications

The new results reflect a tightening of voter preferences since late July, with the right-wing senator closing the gap in both first-round and runoff scenarios. The small margins between the top two candidates, combined with the poll's margin of error, underscore the potential for movement in either direction as the campaign proceeds.

Because the survey includes both first-round and runoff simulations, it highlights two clear pathways the election could follow depending on whether a candidate surpasses the 50% threshold in the initial ballot.


Methodology note

Nexus reported surveying 2,002 people between July 31 and August 2 and assessed the results with a margin of error of 2 percentage points.

Risks

  • Narrow margins and a reported margin of error of 2 percentage points mean the race could shift within the survey's statistical uncertainty - this affects market sentiment and political risk assessments.
  • If no candidate exceeds 50% of valid votes in the first round, the election will proceed to a runoff, keeping political outcomes and policy direction uncertain for investors and industries.
  • Variation between the July 27 poll and the July 31-August 2 survey indicates voter preferences can change over short periods, creating volatility in expectations for sectors tied to government policy such as defense and mineral resource management.

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