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Macroeconomic Forecast Brazil

October 2011 | Macroeconomic Forecasts

BMI View: Brazil's year-to-date central government nominal deficit widened to BRL63.7bn in August, following monthly a shortfall of BRL17.1bn, which is broadly in line with our full-year BRL96.1bn nominal deficit projection. According to our GDP forecasts, this would equate to a nominal deficit of 2.4% of GDP, slightly better than the 2.6% recorded in 2010. Despite the government's talk of fiscal consolidation, we believe 2012 will see the deficit widen slightly to 2.5% of GDP, as stimulus measures remain elevated in the face of slower global growth.

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