The "MacroFiscal" report released by the ministry's Economic Policy Secretariat maintains the growth forecast for 2021 at 3.2 percent.
The ministry cited improved economic performance in the third quarter of the year as the reason for adjusting its 2020 forecast.
"The monthly surveys of the IBGE (Brazilian Institute of Geography and Statistics) for these sectors showed that growth in the third quarter of 2020 exceeded the 20 percent rate," the report said.
"The services sector also performed well after the sharp decline in the second quarter of 2020; however, it should be noted that the production of services is well below the level of February this year," it added.
The National Broad Consumer Price Index is expected to reach 3.13 percent at the end of this year, falling within the government's target inflation rate of 4 percent annually, with a 1.5 percent margin of tolerance up or down.
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