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10/04/2017 - 14:06hs

Banks lower their growth estimate for Brazil

Financial institutions lowered their growth estimate for the Brazilian GDP for this year from 0.47% to 0.41%. The data is part of the weekly survey conducted by Brazil’s Central Bank.

Brasília – Financial institutions surveyed weekly by the Brazilian Central Bank (BC) lowered their forecasts for the Brazilian economy in 2017. Last week, banks believe the country’s Gross Domestic Product (GDP) would grow 0.47%. This week, the estimate decreased to 0.41%. For next year, the forecast remains at a 2.5% growth.

Banks also expect the Selic, the benchmark interest rates, to be cut 1 percentage point, going to 11.25% per year, at the meeting of the Monetary Policy Committee (COPOM) scheduled for this Tuesday (11) and Wednesday (12) in Brasília. The forecast for the Selic at the end of the year dropped from 8.75% to 8.50%. For the end of 2018, the forecast remains at 8.50% per year.

The financial market’s estimate for the inflation rate dropped for the fifth consecutive time. This time, the forecast for the Extended National Consumer Price Index (IPCA) was slightly adjusted from 4.10% to 4.09%.

*Translated by Sérgio Kakitani

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