Weekly Report - 14 June 2005

BRAZIL | Growth outlook downgraded. The government's institute of applied economic research, Ipea, has downgraded for the second time its GDP growth forecast for this year. After lowering it in March from 3.8% to 3.5%, it has now taken it down to 2.8%. This revision comes shortly after the news that in the first quarter GDP had grown by only 0.3% over the last quarter of 2004 - the lowest quarterly variation since QII in 2003.

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