Brazil slashes 2019 GDP growth forecast to 1.6pc

24 May, 2019 12:00 AM printer

RIO DE JANEIRO: Brazilian Ministry of Economy announced Wednesday a reduction in the gross domestic product (GDP) growth projection for 2019 from 2.2 to 1.6 percent.

Earlier this week, according to the weekly report Focus Bulletin issued every Monday by the Central Bank of Brazil, economists from financial institutions lowered GDP growth estimate to 1.24 percent for this year, reports Xinhua.

The adjustment makes it even harder for the government to manage to fulfill the fiscal target set for this year, which is for a primary deficit of 139 billion reals (34.4 billion U.S. dollars).