Brasília – The Central Bank of Brazil (BC) has reduced the estimated growth for the Brazilian economy this year. The forecasted expansion in Gross Domestic Product (GDP) – the aggregate production of goods and services in the country – was reduced from 4% to 3.5%, according to the Quarterly Inflation Report, disclosed today (29).
“This forecast reflects [economic] policy actions taken for [restriction of credit and the increase of the benchmark interest rate – Selic – in July this year] since the end of last year, and, mainly, the deterioration of the international scenery, which has caused generalized reductions of great magnitude in growth forecasts of the main economic blocs,” says the BC report.
*Translated by Mark Ament
