The Government of Brazil reduced the growth forecast for 2015 to 0.8%

The Brazilian government today lowered the forecast economic growth in 2015 to 0.8% of gross domestic product (GDP), official sources said.

The growth forecast for 2015 has been gradually reduced due to the scope of the crisis, from the initial estimate of 3.0%, which was later revised to 2.0% and now 0.8%, according to a statement from the Ministry Planning.

The calculation is included in an update of the bill of the general budget, sent today by the Ministry of Planning to Parliament, and is based on projections of financial market analysts.

The bill also provides an economic growth of 2.0% in 2016 and 2.3% in 2017.

The Brazilian economy has stalled so far this year and accumulates an expansion of 0.20% between January and September, according to official figures. The new forecasts are based on the newsletter, a weekly publication prepared by the Central Bank interviews with hundreds of financial market economists.

The budget also includes a primary surplus target of 1.20% of GDP by 2015, a goal that had already anticipated the future finance minister Joaquim Levy, who was appointed to the post two weeks ago.

The primary fiscal surplus is the main indicator used by the Brazilian government to calculate the health of their public accounts and means the savings made by the State to pay interest on the public debt.

The goal for this year was a primary surplus of 1.90% of GDP, but due to the inability to meet that goal by the crisis, the government decided to remove the target of budgets.

The removal of the savings target the budget law was made in a vote in Congress, in a long joint session of the House of Representatives and the Senate that lasted almost 20 hours and ended at dawn today, due to opposition attempts to block the vote.