Brasília – The Brazilian Central Bank (BC) is expecting the economy to shrink further this year. Its projection of contraction in the Gross Domestic Product (GDP), the sum of all goods and services produced in the country, has been revised down from the 1.1% forecast it had released in June to 2.7%, as per the Inflation Report issued this Thursday (24th).
According to the BC, agricultural output should be up 2.6% (the prior estimate was 1.9%). Industry production is now expected to be down 5.6% – the previous forecast had been 3%. The expected decline in the services sector has been revised from 0.8% to 1.6%.
In the 12-month period ended June 2016, the BC believes Brazil’s GDP should shrink 2.2%.
*Translated by Gabriel Pomerancblum
PUBLICIDADE
