Reuters: US Dollar Report: UPDATE 1-Economists cut Brazil's 2012 growth view again

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UPDATE 1-Economists cut Brazil's 2012 growth view again Jun 4th 2012, 12:11 Mon Jun 4, 2012 8:11am EDT SAO PAULO, June 4 (Reuters) - Economists cut their forecasts for Brazil's economic growth in 2012 to 2.72 percent from 2.99 percent in the prior week, after the government reported weaker-than-expected growth in the first quarter, a weekly central bank survey showed on Monday. It was the fourth straight week that economists' median forecast for Brazil's growth in 2012 fell, according to the bank's survey of about 100 financial institutions. Brazil's economy grew just 0.2 percent in the first quarter compared to the final three months of 2011, less than half the pace markets expected, IBGE statistics agency said on Friday. The third straight quarter of weakness in the world's sixth-largest economy prompted new calls for President Dilma Rousseff to enact much bolder reforms. Brazil grew 2.7 percent in 2011. The so-called Focus survey from the central bank, which tracks weekly forecasts of the most widely watched economic indicators in Brazil, showed analysts expect consumer prices to climb 5.15 percent by year-end, compared with last week's 5.17 percent prediction. The central bank targets inflation of 4.5 percent annually, with a leeway of plus or minus 2 percentage points. According to the Focus survey, the median view for inflation next year remained unchanged at 5.60 percent. The country's benchmark Selic overnight interest rate is expected to end this year at the record low of 8 percent, the survey showed, unchanged from last week's forecasts. The Selic is currently at 8.5 percent, after being successively cut from 12.5 percent in late August to prevent a recession in Latin America's largest economy. Consumer prices were seen rising 0.46 percent in May, according to the Focus. Link this Share this Digg this Email Reprints

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