UPDATE 1-Brazil cuts 2014 GDP growth forecast, ups inflation view
(Adds details on revenues, background)
BRASILIA, July 22 (Reuters) - The Brazilian government on Tuesday reduced its economic growth forecast for this year to 1.8 percent from 2.5 percent, a prediction that remains well above market economists' estimates.
The government raised its inflation forecast to 6.2 percent in 2014 from a previous estimate of 5.6 percent, according to a fiscal report released by the planning ministry.
The Brazilian economy should grow just 0.97 percent this year, according to a central bank weekly survey of economists.
Extraordinary tax revenues should reach about 27 billion reais ($12.22 billion) from July to December, according to the report. The government will also receive an extra 2 billion reais from state-run oil company Petrobras for the production rights of some subsalt areas.
One-time income items have represented about a quarter of all the revenue the government collected so far this year, according to government data.
The government estimates for tax revenues in 2014 dropped to 780 billion reais from 784 billion reais previously.
The government kept unchanged its primary surplus goal of 99 billion reais or the equivalent of 1.9 percent of GDP for 2014.
However, many economists say a severe slowdown in tax revenue growth and high public spending could jeopardize the primary surplus goal this year. Continuación...