Analysts revise Brazil growth estimates downward

Brasilia, June 4 (IANS/EFE) Analysts have revised their 2013 growth forecasts for Brazil downward from 2.93 percent to 2.77 percent, the Central Bank said.

The downward revision in GDP forecasts was included in the Boletin Focus, a weekly Central Bank survey of analysts from about 100 private financial institutions on the state of the national economy.

This is the third downward revision to gross domestic product estimates in as many weeks, with the latest forecasts being based on the weak 0.60 percent first-quarter GDP figure, the Central Bank said Monday.

The government was forecasting 2013 GDP growth of 3.5 percent to 4 percent up until a month ago, with officials saying the economy would resume growing after expanding by only 0.90 percent last year.

The government's forecasts, however, have been revised downward, with officials now expecting growth of 3 percent to 3.5 percent this year.

--IANS/EFE

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