In Brazil, 2017 Budget forecasts GDP growth of 1.6%
The bill was delivered by Planning Minister Dyogo Oliveira and Finance Minister Henrique Meirelles to Senate President Renan Calheiros, right after the ceremony to swear Michel Temer into office as the new president at the Senate.
The 2017 Annual Budget bill was submitted this Wednesday (Aug. 31) to Congress. It forecasts a Gross Domestic Product (GDP) growth of 1.6%.
The bill was delivered by Planning Minister Dyogo Oliveira and Finance Minister Henrique Meirelles to Senate President Renan Calheiros, right after the ceremony to swear Michel Temer into office as the new president at the Senate.
The budget bill raised the revenue forecast for next year, increasing GDP from 20.4% to 20.7%. In absolute numbers, the text forecasts a tax revenue of $434.84 billion.
According to the finance minister, the GDP growth of 1.6% will also allow the economic team to raise funds from other measures, like selling state-owned companies and infrastructure project auctions, to boost funds to $17.09 billion.
Despite revenue growth, primary deficit forecast of $43.20 billion in government s was maintained, a better scenario than the $52.61 billion deficit target forecast for this year. According to Meirelles, government's projections are conservative, and they can collect more revenue than expected.
About the other economic parameters for next year, the inflation forecast measured by the National Broad Consumer Price Index (IPCA) stood at 4.8%, the country's benchmark interest rate (SELIC) at 12.1% and the US dollar currency at R$ 3.40, on average.
*With additional reporting by Daniel Lima and Pedro Peduzzi
Translated by Amarílis Anchieta
Fonte: In Brazil, 2017 Budget forecasts GDP growth of 1.6%
