CNI/Conjunctural Report: Industry maintains forecast of GDP growth at 2.3% for 2025

By Luiz Araújo Brasília, 10/17/2025 - The National Confederation of Industry (CNI) maintained the growth projection of the Gross Domestic Product (GDP) at 2.3% for 2025. The report released this Friday, 17, indicates that the estimate reflects the high expectations of 8.3% for agribusiness and 2% for services. The growth outlook for the industry fell from 1.7% to 1.6%, the second consecutive downward revision. The CNI projects that inflation will continue to lose strength, with the Broad Consumer Price Index (IPCA) potentially dropping from the current 5.2% to 4.8% by the end of 2025 - considering the 12-month accumulated. The report considers that the decline in the IPCA should not be sufficient for the Central Bank to start the process of interest rate cuts, which should keep the Selic at 15% until the end of December. High interest rates will decrease the appetite of companies and consumers for credit, according to the CNI. As an effect, the total credit concessions are ...