Brazilian government raises GDP growth this year to 1.91 %

The Brazilian government raised its forecast for Gross Domestic Product (GDP) growth this year from 1.61 to 1.91 percent, official sources informed.

The Ministry of Planning released this Monday the new macroeconomic parameters used in the budget execution calculations, in which, in addition to higher economic growth, the inflation projection was also increased from 5.31 to 5.58 percent.

Brazil’s economic growth forecast this year is lower than in 2022, when GDP expanded by 2.9 percent, while inflation should be lower than last year when it was 5.79 percent.

Also, the estimate for the basic interest rate at the end of this year was lowered from 13.48 percent to 13.24 percent. The rate currently stands at 13.75 percent.

For its part, the Brazilian government estimates that the average price of a barrel of oil on the international market will fall this year to US$77.64, lower than the lower forecast of US$83.07.

In contrast, the exchange rate with the dollar fell from 5.20 reais to the dollar to 5.11 reais to the dollar.

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