Brazil growth forecast again taken lower

|By:, SA News Editor

The central bank's weekly survey of 100 economists finds them cutting their GDP growth estimate this year to 1.1% from 1.16%, and the 2015 outlook to 1.5% from 1.6%. It's the fifth straight reduction in 2014 prospects and the sixth straight for 2015.

At the same time, inflation forecasts remain locked in at 6.46% this year and 6.1% in 2015.

The benchmark Selic interest rate is still expected to be 11% at the end of this year and 12% at the end of 2015 (it's 11% currently).

One of the globe's hot performers from February through mid-June (as markets anticipated the end of central bank rate hikes), the Bovespa has taken a little bit of a breather since the World Cup got underway. EWZ -0.6% in morning action.

ETFs: EWZ, BRF, BRXX, EWZS, BRAQ, BRZU, BRAZ, BZQ, BRAF, UBR, BRZS, DBBR, FBZ