2018.07.1613:45:00UTC+00BRAZIL: IMF Slashes Estimate For GDP Growth To 1.8% In 2018, From +2.3%

Brazil's gross domestic product (GDP) is expected to grow 1.8% this year, according to estimates updated by the International Monetary Fund's (IMF) in its quarterly report - a sharp downward revision from April, when the estimate was at +2.3%. For 2019, IMF's projection was unchanged at 2.5%. In 2017, Brazil's GDP growth had been 1.0%.

According to the IMF, the moderate outlook reflects more difficult prospects due to "persistent effects of strikes and political uncertainty."

In addition, the Brazilian real depreciated by more than 10% in the face of a weaker-than-expected economic recovery and political uncertainties, the IMF added.