UPDATE 1-Analysts cut Brazil growth forecasts as outlook turns murkier

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Mon Dec 3, 2012 5:54am EST

  * Downward revision follows weak Q3 GDP figures      * Outlook for rates, inflation stays unchanged          SAO PAULO, Dec 3 (Reuters) - Economists slashed forecasts  for Brazil's economic expansion for this and next year, a weekly  central bank survey showed on Monday, reflecting the impact of  underwhelming quarterly growth figures last week.      Respondents to the central bank's weekly Focus survey expect  growth this year to come in at a median 1.27 percent from 1.50  percent the prior week. Estimates for growth in 2013 came in at  3.70 percent, down from 3.94 percent the previous week.      Brazil's economy grew just 0.6 percent in the third quarter  on a sequential basis, half the pace expected by financial  markets, data showed last week.       Despite efforts by President Dilma Rousseff to spur growth  through tax and interest-rate reductions, controls on imports  and credit incentives, Brazil's economy will likely post  below-trend expansion numbers for a second straight year. The  central bank more than halved its own growth forecast to 1.6  percent in September from 3.5 percent at the beginning of the  year.      The forecasts represent the median of predictions from about  100 financial institutions surveyed weekly by the central bank.       Forecasts for the central bank benchmark interest rate at  the end of 2012 and 2013 remained unchanged at the current level  of 7.25 percent, a record low.      Consumer inflation over a 12-month period is expected to end  this year at 5.43 percent, unchanged from the prior week's  survey. In 2013, it is seen at 5.40 percent, also unchanged.      The government targets inflation at 4.5 percent, with a  tolerance margin of 2 percentage points.previous   new       previous  new                   forecast   forecast  forecast  forecast   Consumer             5.43      5.43      5.40      5.40   inflation                                         Benchmark rate       7.25      7.25      7.25      7.25   GDP growth           1.50      1.27      3.94      3.70  

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