Survey points to hard times

Bloomberg

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The gross domestic product, or GDP, forecast fell from zero in the survey two weeks earlier, the bank said Friday. The estimate for inflation at the end of the year declined to 7.1 percent from 7.22 percent a fortnight earlier. The Central Bank Thursday cut its benchmark interest rate by 1.5 percentage points to 11.5 percent, saying it expects inflation to end the ear below its target of 7.5 percent.

The forecast for inflation in 12 months was 6.88 percent, compared with 7.16 percent two weeks earlier.