Brazil’s Secretariat for Economic Policy (SPE), part of the Finance Ministry, cut its 2026 real GDP growth forecast to 2% from 2.3% on September 22. Its forecast for 2027 was lowered to 2.3% from 2.5%. The estimates were published in the September Macro-Fiscal Bulletin.

SPE cited weaker projections for services and industry as the main reasons for the 2026 downgrade, partly offset by a higher estimate for agriculture. The services revision reflected slower activity in the first half and the gradual effect of monetary policy on domestic demand. For industry, the agency cited manufacturing performance, credit costs and demand for consumer goods. The figures are official forecasts, not reported outcomes.