Brasília – The Brazilian economic growth projection for this year has been revised down for the fourth consecutive week by financial market institutions, according to a survey conducted by the Central Bank. The growth estimate for the Gross Domestic Product (GDP), i.e. the sum of all goods and services produced in the country, is down from 1.27% to 1.03%. The 2013 projection has also been lowered, from 3.7% to 3.5%.
The expectation of decline in industrial output has gone from 2.38% to 2.27%. In 2013, a recovery is expected with 3.75% growth. Despite the expected increase, the projections have been bearish for two weeks. The previous estimate was 3.82%.
The real-to-dollar exchange rate has been revised from R$ 2.07 for US$ 1 to R$ 2.08 for US$1 this year, and from R$ 2.06 for US$ 1 to R$ 2.08 for US$ 1 in 2013. The forecast concerning the trade surplus (exports higher than imports) has been maintained at US$ 20 billion this year and changed from US$ 15.52 billion to US$ 15.6 billion in 2013.
The foreign direct investment (FDI) projection has been maintained at US$ 60 billion in 2012 and changed from US$ 59.5 billion to US$ 60 billion in 2013.
*Translated by Gabriel Pomerancblum
