Brazilian financial analysts elevated projections for the growth of the country's gross domestic product (GDP) in 2020 from 2.28 to 2.30 percent, the Central Bank announced on Monday.

According to the Central Bank Focus survey of the country's main financial institutions, the GDP expansion forecast for the end of 2019 was revised up from 1.16 to 1.17 percent.

The projection for Brazil's basic interest rate is that the current level of 4.50 percent will be maintained in 2020.

Analysts elevated the forecast for inflation from 3.98 to 4.04 percent for 2019 and 3.60 to 3.61 percent for 2020.

These predictions are within the official goal of 4.25 percent, the inflation target's midpoint, with a tolerance range between 2.75 and 5.75 percent.

The prediction for the exchange rate is that the Brazilian real will close the year 2019 at 4.10 reals to the U.S. dollar and reach 4.08 reals to the U.S. dollar at the end of 2020.

In addition, projections for Brazil's balance of trade foresee a positive balance of 44.50 billion dollars in 2019 and of 39.40 billion dollars in 2020.