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07/07/2014 - 13:34hs

GDP growth projection down

Financial organizations revised down the Brazilian economy estimate for 2014. It moved from 1.10% to 1.07%. This is the sixth consecutive reduction.

Brasília – Financial institutions’ projection for the Brazilian economy growth is in a downward trend. For the sixth consecutive time, the growth estimate for the Gross Domestic Product (GDP), i.e. the sum of all goods and services produced in the country, was reduced. This time, the projection went down from 1.10% to 1.07%. For 2015, a smaller growth, 1.5%, as estimated last week was kept. These projections are part of the Focus bulletin, a weekly survey conducted by the Brazilian Central Bank (BC) with financial institutions.

As regards industrial output, the reduction projection changed from 0.14% to 0.67%. Next year, financial institutions expect an industrial output rebound, with growth estimated at 2.10%, as against last week's 2.20% estimate.

Dollar price projection remains at R$ 2.40, this year and, R$ 2.50, in 2015. Financial institutions also kept the projection for benchmark interest rate, also known as Selic, by the end of 2014, at the current level of 11% per year. For the end of 2015, the estimate remains at 12% per year.

*Translated by Rodrigo Mendonça

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