Financial institutions estimate that the Brazilian economy will end 2019 with a growth of 1.17%. Projection is slightly better than last week’s.
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Selic was cut back by 0.5 percentage point, reaching its lowest level ever.
Monetary Policy Committee (Copom) reduced Selic from 5.5% to 5% per annum last week. Minute released this Tuesday points to a new 0.5 percentage point reduction in the next meeting.
Banks reduced their inflation forecast for the tenth straight time.
Financial institutions estimate that Selic will slid from 6% to 5% by the end of the year.
Monetary Policy Committee cut down Selic by 0.5 percentage point, to 6% per annum. Reduction is higher than forecasted by the market.
The country ran a BRL 13 billion deficit last month, up from a BRL 8 billion one in May 2018.
Banks keep reducing their estimate for Brazil’s GDP. Expectation now is that the economy will grow 1.23% in 2019.
Monetary Policy Committee minute says that indicators available suggest a significant chance that the Gross Domestic Product (GDP) have undergone a slight year-on-year reduction in the first quarter.’
The financial institution governor estimates that the price increase will be between 6.8-6.9% by the end of the year, after the raise in the interest rate this Tuesday (19).
