Presenting the numbers, Economy Minister Paulo Guedes said he expects "positive surprises throughout the year," since the government's accounts are under control and there is an economic recovery in the country.
Inflation reached 12.13 percent in the 12 months ending in April, but government officials expect price increases to slow down towards the end of the year.
If their expectations are borne out, inflation will still surpass the target ceiling set by the National Monetary Council, which is 3.5 percent with a 1.5 percent margin of tolerance.
For 2023, the government's inflation forecast was adjusted from 3.25 to 3.6 percent.
The positive forecast in relation to gross domestic product growth, estimated to be 1.5 percent, is driven by a recovery in the services sector and rise in investment, which has led to job creation.
For 2024, 2025 and 2026, the government continues to forecast annual GDP growth of 2.5 percent.
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