Brasília – The projection of financial institutions for economic growth in Brazil in 2014 has been on a downward run for 17 straight weeks. In a poll 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, has been notched down from 0.33% to 0.30%. The projection for 2015 has dropped from 1.04% to 1.01%.
The expected rate of decline for industrial production this year has been revised from 1.98% to 1.94%. Next year, output is expected to be up 1.6%, as against 1.5% as per last week’s forecast. The projection for the benchmark interest rate, aka Selic, has been kept at 11% per annum by the end of 2014. The projection for the end of 2015 has moved from 11.50% to 11.25% per annum. The dollar price projection has been revised from R$ 2.30 to R$ 2.34, by the end of this year, and kept at R$ 2.45 by the end of 2015.
*Translated by Gabriel Pomerancblum
