As the outlook for the Brazilian economy worsens, the nation’s central bank (BCB) has reviewed once again its forecast for the nation’s GDP in the on-going year.
In a report called Focus, BCB said the country’s GDP should decline 2.99 percent in 2016, up from a 2.95 percent decline estimate. As for 2017, BCB forecasts growth of 0.86 percent, compared to the previous estimate of a 1 percent growth.
The nation’s forecasts for GDP have been downgraded throughout 2015. In August 2015, for example, the central bank said GDP should decline 1.97 percent in 2015 and see no growth in 2016. Now the central bank is expecting a nearly 3 percent decline in the economic indicator.