The Brazilian government on Friday cut its forecast for gross domestic product (GDP) growth this year to 1.6 percent from 2.5 percent and worsened its fiscal estimates.
In a bimonthly report, the government raised its forecasts for net revenue by 3.194 billion reais ($845.6 million) and for primary expenses by 7.546 billion reais.
Reuters reported on July 12 that the government was set to cut its 2018 GDP forecast.