RIO DE JANEIRO Ė Private sector analysts have revised their 2014 growth forecasts for Brazilís economy downward to 1.91 percent from 2 percent a week ago, the Central Bank said Monday.
Analysts also trimmed their 2015 growth forecasts for South Americaís largest economy from 2.5 percent to 2.2 percent.
The gross domestic product (GDP) estimates were included in the Boletin Focus, a weekly Central Bank survey of analysts from about 100 private financial institutions on the state of the national economy.
The latest forecasts reflect analystsí pessimism about Brazilís economy, with both the 2014 and 2015 growth numbers being pegged below the 2.3 percent projected for 2013.
Brazilís GDP expanded by 7.5 percent in 2010, but the economy posted tepid growth of 2.7 percent in 2011 and just 1 percent in 2012.
Private sector analysts revised their 2014 inflation estimates upward from 6.01 percent last week to 6.02 percent this week.
Analysts also adjusted the inflation forecast for next year upward from 5.6 percent to 5.7 percent.
The upward revision indicates that analysts have concluded that government efforts to contain inflation, such as raising interest rates, will come up short and prices will rise slightly.
Brazil ended 2013 with an inflation rate of 5.91 percent, a level that was above analystsí estimates but within the target range set by the government, which has a top-end inflation figure of 6.5 percent.
Economists expect inflation to be within the governmentís target range in both 2014 and 2015.