SAO PAULO--Financial-market analysts and economists reduced their forecast for Brazil's economic expansion this year, for the third consecutive week, and also for 2013 as economic performance has been poor so far this year and due to weaker-than-expected results for the third quarter released last week, according to a weekly central-bank survey released Monday.
Analysts reduced their view for economic expansion for 2012 to a 1.27% growth in gross domestic product from 1.50% the previous week.
In addition, they cut their forecast for Brazil's GDP growth for 2013 to 3.70% from 3.94%.
On Friday, Brazilian statistics agency IBGE reported that country's GDP expanded by just 0.6% in the third quarter compared with the second quarter, around half the level expected.
Many expected a rebound after two years of weak growth, and due to a massive push by the government, offering tax breaks and other incentives, while the central bank slashed its key interest rate to a record low of 7.25%.
The central bank's survey tracks the opinions of 100 analysts and economists and reports the average of their forecasts.
The average forecast for Brazil's 2012 year-end inflation was maintained at 5.43%, while the outlook for 2013 was kept at 5.40%.
Market analysts and economists surveyed maintained their average 2012 and 2013 forecasts for the benchmark Selic rate at 7.25%.
The average expectation for Brazil's debt-to-GDP ratio as of the end of this year reduced to 35.15% from 35.20%. The average forecast for this year's trade surplus was $20 billion, up from $19.60 billion.
Those surveyed said they expect Brazil to post a current-account deficit of $54 billion at the end of this year.
Brazil's currency, the real, is expected to end this year at 2.07 to the U.S. dollar, the survey found.
nasdaq.com
Analysts reduced their view for economic expansion for 2012 to a 1.27% growth in gross domestic product from 1.50% the previous week.
In addition, they cut their forecast for Brazil's GDP growth for 2013 to 3.70% from 3.94%.
On Friday, Brazilian statistics agency IBGE reported that country's GDP expanded by just 0.6% in the third quarter compared with the second quarter, around half the level expected.
Many expected a rebound after two years of weak growth, and due to a massive push by the government, offering tax breaks and other incentives, while the central bank slashed its key interest rate to a record low of 7.25%.
The central bank's survey tracks the opinions of 100 analysts and economists and reports the average of their forecasts.
The average forecast for Brazil's 2012 year-end inflation was maintained at 5.43%, while the outlook for 2013 was kept at 5.40%.
Market analysts and economists surveyed maintained their average 2012 and 2013 forecasts for the benchmark Selic rate at 7.25%.
The average expectation for Brazil's debt-to-GDP ratio as of the end of this year reduced to 35.15% from 35.20%. The average forecast for this year's trade surplus was $20 billion, up from $19.60 billion.
Those surveyed said they expect Brazil to post a current-account deficit of $54 billion at the end of this year.
Brazil's currency, the real, is expected to end this year at 2.07 to the U.S. dollar, the survey found.
nasdaq.com
No comments:
Post a Comment