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Brazil’s economy ministry raises GDP growth forecast for 2022 to 2%

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Reuters

Thursday 14 July 2022 09:34

BRASILIA, July 14 (Reuters) – Brazil’s economy ministry on Thursday raised its forecast for economic growth this year due to strong results seen in monthly indicators.

GDP is expected to grow by 2% instead of 1.5% earlier, as was first reported by Reuters on Tuesday. The ministry maintained its 2023 GDP growth outlook at 2.5%.

The government’s projections are more optimistic than market economists, according to a weekly central bank survey, which sees economic growth of 1.59% this year and only 0.5% next year.

The ministry’s secretariat for economic policy also lowered its 2022 inflation forecast to 7.2% from 7.9% in May to cover the impact of measures passed in Congress to reduce taxes on key goods such as fuel and energy. .

Still, that figure is far from the official inflation target of 3.5 percent this year, with a gap of 1.5 percent above or below.

For 2023, the government now expects inflation to rise from 3.6% to 4.5%, with a similar band of 1.5 percentage points to the official target of 3.25%.

Reporting by Marcella Ayers; Editing by Hugh Lawson and Tomas Janowski

Disclaimer: The views expressed in this article are those of the author and may not reflect those views. Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article is not liable for any damages and/or damages caused by the use of this publication.

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