Brasilia, June 30 (SocialNews.XYZ) The Central Bank of Brazil has upgraded its economic growth forecast for 2023 from 1.2 per cent in March to 2 per cent, and lowered its inflation estimates for the coming years.
In a quarterly report, the bank said that the higher-than-expected 1.9 per cent economic growth in the first quarter of 2023 was mainly ascribed to the agriculture and livestock sector, reports Xinhua news agency.
However, the evolution of the industrial and services sectors indicates that the economy continues to slow down, said the report.
The report forecasts 5 per cent inflation for 2023, down from the 5.8 per cent forecast in March, but still above the upper margin of tolerance of 4.75 pe rcent set by the target rate of 3.25 per cent with wiggle room of 1.5 percentage points.
Meanwhile, the inflation forecast for 2024 dropped from 3.6 to 3.4 per cent, and for 2025, from 3.2 to 3.1 per cent, with target inflation set at 3 per cent for both years.
Source: IANS
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz
This website uses cookies.
