March 22, 2017 / 4:57 PM / 6 months ago

Brazil cuts 2017 GDP growth view to 0.5 pct

BRASILIA, March 22 (Reuters) - Brazil’s government lowered its estimate for economic growth in 2017 to 0.5 percent from 1.0 percent previously, the Finance Ministry said on Wednesday, in a revision that is expected to lead to budget freezes and tax hikes later in the day.

The government is expected to announce spending freezes of 30 billion reais to 35 billion reais ($9.7 billion to $11.31 billion) and raise taxes later on Wednesday as it seeks to meet its 2017 budget deficit target. (Reporting by Marcela Ayres; Writing by Silvio Cascione)

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