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Brazil financial market forecasts 7 percent inflation in 2015

Xinhua, February 3, 2015 Adjust font size:

Brazil's financial market has forecast an inflation rate of 7.1 percent in 2015, 0.6 percent higher than the official target of 6.5 percent, according to a survey released on Monday.

The Bank of Brazil's Focus poll of the country's major financial institutions shows analysts also downgrade their economic growth forecast for the fifth week in a row, from 0.13 percent to 0.03 percent.

The industrial growth projection also reduces from 0.69 percent to 0.5 percent.

The figures are expected to improve slightly in 2016, with the forecast placing gross domestic product (GDP) growth at 1.5 percent and industrial production growth at 2.5 percent.

The interest rate, currently at 12.25 percent, is predicted to close the year at 12.5 percent.

Brazil's national currency is anticipated to trade at 2.8 reais to the U.S. dollar at the end of this year, and the current account deficit, the leading indicator of net foreign assets, is expected to hit 78 billion U.S. dollars.

Brazil's forecast trade surplus is 5 billion dollars, and projected foreign direct investment is 9.2 billion dollars.

The public sector's liquid or short-term debt is expected to reach 37 percent of GDP at the end of the year. Endi