São Paulo – The projection of financial institutions for growth of Brazil’s Gross Domestic Product (GDP) has declined even further as a result of technical recession in the country. According to a poll of banks conducted by Brazil’s Central Bank, the GDP should be up 0.52% this year. The expected rate has been revised down for the 14th straight week.
Inflation is expected to be 6.27%, same as last week. The forecast for the benchmark interest rate (Selic) has also remained flat, at 11%. The dollar is expected to be worth R$ 2.35 by the end of 2014, as per financial institution’s estimates.
*Translated by Gabriel Pomerancblum
