Current prospects for the Brazilian economy has made the nation’s confederation of industries, CNI, to revise its forecast for the country’s economy, it said on Tuesday.
CNI’s quarterly report foresees a 1.2 percent decrease in the nation’s gross domestic product (GDP). The industrial GPD should decrease 3.4 percent in 2015, CNI added.
“The sectorial retraction is pulled by the 4.4 percent fall in the manufacturing industry, the 5.5 percent decrease in civil construction, and the 2.8 percent reduction of industrial services of public utility, which includes the distribution of electricity and sanitation,” CNI said in the report.
The fall in Brazilian’s GDP along with the 0.6 percent decrease in consumption contribute for a 0.4 percent retraction in the sector of services, CNI said, whose latest fall occurred more than 20 years ago.