May 31, 2019 / 12:54 PM / a year ago

Citi cuts Brazil 2019 GDP growth forecast to +0.9% from +1.4%

BRASILIA, May 31 (Reuters) - Citi has cut its forecast for Brazilian economic growth this year to 0.9% from 1.4%, citing official data on Thursday that showed Latin America’s largest economy shrank in the first quarter for the first time since 2016.

Leonardo Porto, Citi’s chief economist for Brazil, said he still sees a rebound later in the year. “That said, we recognize that since 4Q18, there are more signs that the economy has been facing external and domestic headwinds backing this momentum loss,” he wrote in a client note late Thursday. (Reporting by Jamie McGeever Editing by Chizu Nomiyama)

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