The fact that our forecasts for Brazilian growth were already at the very bottom of the consensus range means that we have not had to make significant adjustments in light of weaker than expected first quarter GDP data. Nonetheless, with both external and domestic pressures building, we are nudging down our forecast for growth this year to just 1.7%, with only a modest rebound to around 3.5% likely in 2013. This keeps us right at the bottom of consensus expectations.
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