Brasília – The National Confederation of Industry (CNI) revised down its forecast for the Brazilian Gross Domestic Product (GDP) this year. It went from 2.6%, in the estimation released at the end of 2015, to 3.1%. The new forecast is part of the CNI’s Conjuncture Report on Q1 2016, released this Tuesday (12).
The forecast on the industrial GDP was changed from 4.5% to 5% in the third consecutive year showing an industry downturn. According to CNI’s estimations, investments will shrink 13.5%, household consumption will drop 4.4% and the unemployment rate will reach 11.5% of the population. CNI believes that “the dominance of an environment full of political uncertainties – that generates economic instability and low confidence by the agents – keeps the Brazilian economy in a deep recession”.
*Translated by Sérgio Kakitani
