Investment analysts polled by Brazil’s central bank expect the economy of the South American nation to fare out better this year than what they had previously forecast, the central lender announced.

According to the latest Focus Bulletin, a weekly survey conducted by Brazil’s Central Bank with 100 financial institutions, market analysts now believe that Brazil’s gross domestic product (GDP) will decline by 3.20 percent year-on-year in 2016. A month earlier, market analysts had estimated a 3.25-percent year-on-year GDP decline for 2016.

Brazil’s economy contracted 3.8 percent year-on-year in 2015.

In the latest Focus Bulletin, market analysts maintained their forecast for Brazil’s economic performance in 2017, estimating that GDP would grow by 1.1 percent in year-on-year terms.

The survey also showed the nation’s inflation is now expected to hit 7.31 percent this year. One month ago, the forecast stood at 7.26 percent.