BRASILIA, Oct. 11 (Xinhua) -- The Brazilian National Industry Confederation (CNI) on Tuesday revised down its forecast for Brazil's economic growth this year to 3.4 percent from 3.8 percent due to the effects of the world economic crisis.
According to the CNI, Brazil's industry sector will also suffer from the ongoing debt crisis in the United States and Europe.
It said that with growth rate of 3.4 percent, Brazil's GDP for 2011 will have an expansion less than half of what the country registered in 2010 when the economy grew 7.4 percent.
Earlier on Tuesday, Brazil's Finance Ministry said the government is re-evaluating its growth forecast of between 3.5 percent and 4 percent for 2011.
But the government maintained its forecast for 2012 at 5 percent, the ministry said in a statement.
Brazil's Central Bank announced last week that it expected the GDP to grow 3.5 percent in 2011.
Source: www.xinhuanet.com
According to the CNI, Brazil's industry sector will also suffer from the ongoing debt crisis in the United States and Europe.
It said that with growth rate of 3.4 percent, Brazil's GDP for 2011 will have an expansion less than half of what the country registered in 2010 when the economy grew 7.4 percent.
Earlier on Tuesday, Brazil's Finance Ministry said the government is re-evaluating its growth forecast of between 3.5 percent and 4 percent for 2011.
But the government maintained its forecast for 2012 at 5 percent, the ministry said in a statement.
Brazil's Central Bank announced last week that it expected the GDP to grow 3.5 percent in 2011.
Source: www.xinhuanet.com
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