Brazilian market analysts revise down 2019 growth forecast to 0.87pc

26 June, 2019 12:00 AM printer

BRASILIA: Brazilian financial market analysts lowered the forecasted 2019 gross domestic product (GDP) growth rate from 0.93 percent to 0.87 percent, Brazil's central bank said Monday.

At the start of the year, the growth forecast stood at 2.55 percent for 2019, according to the weekly Focus Bulletin survey conducted by the bank, reports Xinhua.

Official GDP results for the first quarter, released by the Brazilian Institute of Geography and Statistics (IBGE), revealed a drop of 0.2 percent, the first decline on a quarter-over-quarter basis since the fourth quarter of 2016, which impacted the expected growth for the current year.