RIO DE JANEIRO Ė Brazilís economy will grow 2.7 percent in 2018 after expanding by 1 percent last year, the Central Bank said Tuesday, citing a survey of private sector economists.
The analysts are more optimistic in the first week of the new year than they were in the last week of 2017, when they expected growth for that year to reach 0.98 percent and gross domestic product (GDP) growth of 2.68 percent in 2018.
The GDP estimates come from the Boletin Focus, a weekly Central Bank survey of analysts from about 100 private financial institutions on the state of the national economy.
Economists have revised their growth forecasts for Brazil upward for seven straight weeks as the South American nation continues to recover from a deep recession.
Brazilís economy is slowly recovering after contracting 3.8 percent in 2015, the worst performance in 25 years, and 3.6 percent in 2016, marking the first time since 1931 that GDP fell for two consecutive years.
A gauge of business confidence, meanwhile, came in at the highest level in nearly four years.
The Getulio Vargas Foundationís Economic Climate Index (ICE) finished 2017 at 93.1, the highest level since April 2014, when it was at 95.7.
The economic recovery in Brazil is boosting business leadersí confidence, which rose by 1.2 points between November and December, the foundation said.
The business communityís outlook on the economy is improving amid a more positive situation, said Aloisio Campelo Jr., an economist with the foundation.
Business confidence is expected to continue trending higher despite uncertainty about the presidential election that will take place in October, Campelo said.