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07/07/2017 - 13:06hs

Economic forecasts from industry worsen

Brazil’s National Federation of Industry (CNI) has revised down its Gross Domestic Product growth forecast for this year from 0.5% to 0.3%.

Brasília – Brazil’s economy is beginning to show signs of recovery, as per the quarterly overview Informe Conjuntural for quarter two made public this Friday (7) by the National Federation of Industry (CNI). However, the organization has revised down its Gross Domestic Product (GDP) growth estimate from 0.5% to 0.3%.

The CNI’s industrial GDP growth forecast dropped from 1.3% to 0.5%. If it proves true, this will be the first year-on-year increase since 2013. The expansion will be driven by extraction industries with 8% growth. Process industries are expected to show growth of 0.9%, with construction sliding by 2.3%. Industrial utilities are expected to show 1.9% expansion.

The CNI believes that the expansion of agriculture and exports, easing inflation, the reduction of interest rates and adjustments in industry inventories will help spur growth in the second half of the year.

*Translated by Gabriel Pomerancblum

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