Word Count: 77
Brazil's Economy Ministry today kept its forecast for a record 4.7% fall in GDP this year, predicting that the recovery already underway will accelerate as the year goes on. It expects growth in the third quarter to be led by industry, agriculture and trade, which will help drive an overall GDP expansion of 7.3% from the preceding three-month period. The dominant services sector, which accounts for around 70% of all economic activity, will start to show a "more vigorous" performance in the fourth quarter, it said. It also maintained its 2021 GDP growth forecast of 3.2%. It raised this year's inflation forecast to 1.83% from 1.6% and lowered next year's to 2.94% from 3.24%. Separately, President Jair Bolsonaro said he will never cut welfare payments for retirees or the disabled to fund social assistance programs, adding that the government will keep the 'Bolsa Familia' social welfare program in place.
(c) Copyright Thomson Reuters 2020. Click For Restrictions - https://agency.reuters.com/en/copyright.html