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Brazilian gov't estimates GDP to grow 3 pct in 2018
Last Updated: 2018-04-20 14:41 | Xinhua
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The Brazilian government maintains the estimates for gross domestic product (GDP) growth in 2018 and 2019 at 3 percent though recent indicators were below expectations, said Finance Minister Eduardo Guardia Thursday.

Guardia, who took office earlier this month, said numbers falling short of expectations are normal, and "the most important thing is the tendency."

"Brazil has left the recession behind. We are on a path of growth," he said. "All segments are growing, including investments and capital goods. The inflation rate is under control and the interest rate is record-low."

The minister stressed the importance of the government-proposed reform plans which have yet to be approved in the congress, including social security reform, saying that only with these reforms can Brazil grow more vigorously in a more sustainable manner.

Guardia also called for the privatization of state-controlled electricity company Eletrobras and more auctions for oil exploration areas. With these measures, Brazil's potential GDP could rise to 3.5 to 4 percent, he said.

In the latest market survey released by the country's independent research provider Focus, economists from private financial institutions estimated that Brazil's GDP will grow 2.76 percent this year.

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