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Fitch raises Brazil’s 2022 GDP forecast to 2.5% and cuts it to 0.8% for 2023

Fitch on Wednesday (14) revised Brazil's gross domestic product (GDP) growth forecast for this year and next.

Brazilian economic activity is expected to expand by 2.5% in 2022, up from the 1.4% previously estimated; the expected rate was 1.0%.

However, a sharp slowdown to 0.8% is expected in 2023. Previously, the rate was 1.0%.

According to the risk agency, the revision for 2022 is due to better-than-expected second-quarter data.

"The recovery was supported by further strengthening of the labor market, the revival of the services sector, the recovery of hydropower production . . .

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