BRASILIA, Sept. 27 (Xinhua) -- Brazil's central bank revised its projected GDP growth of this year from 1.6 to 1.4 percent, according to its Quarterly Inflation Report released Thursday.
The central bank's downward revision came on the heels of a slower-than-expected economic recovery and the powerful impact of the truckers' strike in May.
For 2019, the projected GDP growth is 2.4 percent, in spite of the high level of uncertainty.
The estimation of GDP growth for this year by the central bank fell in line with the forecasts made by bank analysts who saw a 1.35-percent growth in economic activity for 2018.
The Brazilian monetary authority forecasted the inflation would stand at 4.1 percent this year and 4 percent for 2019, both forecasts are within the official targets.
Projections for industry, agriculture and family consumption sectors also saw downward revisions.
The central bank's projection for the growth of industry went from 1.6 to 1.3 percent with reductions across all industrial sectors.
Slower progress in the labor market led the central bank to reduce its family consumption forecast from 2.1 to 1.8 percent.
With the forecasted harvest reductions of some products such as corn and sugar cane, the agricultural forecast was revised from 1.9 to 1.5 percent.
The projection for service performance remained the same at 1.3 percent for 2018, while trade went down from 2.7 to 2.3 percent.
In terms of the gross fixed capital formation, the central bank raised its forecast from 4 to 5.5 percent although it said the increase was related to the import of equipment by state oil company Petrobras.
