The Brazilian financial market raised the forecast for Gross Domestic Product (GDP) growth this year from 0.76 to 0.80 percent, according to the Focus survey conducted among the leading financial institutions and released today, Wednesday, by the Central Bank of Brazil.
Bank economists maintained the growth forecast for next year at 1.50 percent.
Meanwhile, the estimate for inflation this year went from 5.79 to 5.89 percent, while for 2024, it went from 4 to 4.02 percent.
The official target is 3.25 percent inflation in 2023 and 3 percent next year, with a 1.50 percent tolerance.
Analysts maintained the basic Selic interest rate forecast, currently at 13.75 percent per annum, at 12.75 percent at the end of this year, and expect it to fall gradually in 2023 to close at 10 percent per annum.
The forecast for the exchange rate, currently at 5.18 reais per dollar, was placed at 5.25 reais per dollar by the end of 2023 and at 5.29 percent by the end of next year.
For the balance of trade balance (exports and imports), the estimate was placed at US$57.85 billion for 2023 and US$56.75 billion for 2024.
The estimate for foreign direct investment inflows to Brazil was placed at US$80 billion for both 2023 and 2024.