July 20, 2018 / 6:44 PM / in 3 months

Brazil cuts 2018 GDP growth forecast to 1.6 pct

BRASILIA, July 20 (Reuters) - 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.

$1 = 3.78 reais Reporting by Marcela Ayres; Writing by Bruno Federowski; Editing by Bernadette Baum

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