BRAZIL'S Central Bank has cut its GDP growth forecast for 2012 from 1.6 per cent to one per cent, confirming a marked slowdown in Latin America's biggest economy.
In September, the bank had already revised its forecast downward from 2.5 per cent to 1.6 per cent.
On Thursday, the bank also revised its inflation estimate for 2012 to 5.7 per cent, up from 5.2 per cent. The new projection is well above the official target of 4.5 per cent.
Market analysts have been predicting 1.5 per cent GDP growth for Brazil this year, a projection similar to one by the International Monetary Fund in October.
The IMF also expects Brazil to fare worse than its partners in the BRICS bloc of emerging powers, predicting 7.8 per cent growth for China, 4.9 per cent for India, 3.7 per cent for Russia and 2.6 per cent for South Africa.
Brazil's economy grew just 0.6 per cent in the third quarter of 2012 compared with the previous three months, signalling a weaker than anticipated recovery, the Brazilian statistics office said late last month.
The economy lost steam last year due to the global slowdown, with GDP growth at 2.7 per cent, down from a sizzling 7.5 per cent in 2010.
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