Brasília – Financial institutions polled on a weekly basis by the Brazilian Central Bank (BC) have lowered their economic growth projection for the fifth week straight. This time, the growth estimate for the Gross Domestic Product (GDP), i.e. the sum of all goods and services produced in the country, has dropped from 1.16% to 1.10%. The estimate for 2014 has been lowered for the sixth consecutive week, from 1.6% to 1.5%.
The BC has also revised down its economic growth projection for this year, albeit more optimistically than the financial market. In its Quarterly Inflation Report, released last Thursday (26th), the Central Bank revised its GDP growth estimate down from 2% to 1.6%.
The financial market is also expecting a 0.14% decline in industrial output and a rebound in 2015. The growth estimate for 2015 is up from 2.2% to 2.3%.
The trade surplus forecasts (exports exceeding imports) has been adjusted from US$ 2 billion to US$ 2.01 billion in 2014 and from US$ 10 billion to US$ 9.9 billion in 2015.
*Translated by Gabriel Pomerancblum