Brazil Economists Cut 2017 Growth Estimate Below 1 Percentby
GDP call for 2017 lowest in five months in central bank survey
Economy seen contracting 3.49% in second year of recession
Brazil economists lowered their 2017 growth forecast below one percent for the first time since June as the country faces a slower-than-expected recovery from recession.
Brazil will grow 0.98 percent in 2017, according to a weekly central bank survey of economists. That is the sixth straight week in which analysts have lowered their gross domestic product estimates for next year. Economists in the survey also reduced their 2016 GDP forecast for the eighth straight time, to a 3.49 percent contraction, compared to the prior projection of a 3.4 percent drop.
On Nov. 21, Brazil’s government lowered its 2017 GDP forecast to 1 percent from 1.6 percent, while saying the revision won’t necessarily translate to lower revenue.