The financial market remains optimistic with its forecasts for economic growth in 2019. According to the latest edition of the Focus Bulletin, released by the Central Bank on Monday (January 14), analysts are predicting Brazil's Gross Domestic Product (GDP) will grow 2.57% this year, up from the previous 2.53%.

Regarding the Broad Consumer Price Index (IPCA), Brazil's official inflation rate, the bulletin reports that the average forecast for this year went from 4.02% to 4.03%. The number is slightly below the center of the target defined by the Central Bank, of 4.25%.

Still according to analysts, inflation should stand at 4% and the economy should grow by 2.5% in 2020. By 2021, the GDP growth forecast is 2.5% with inflation at 3.75%.

The Focus Bulletin is a weekly publication, released every Monday, which averages out the forecasts of more than 100 market analysts surveyed by the Central Bank. They report their projections to the Central Bank, which weighs up the different predictions and releases the results.