The Government of Brazil has reduced its growth forecast for the country’s economy in 2015. In a new report, the Planning Ministry now forecasts the country’s gross domestic product (GDP) to grow 0.8 percent next year, down from a previous estimate of 2 percent growth.

The new estimate was sent to the Congressional Budget Committee and will be incorporated in the 2015 Budget Bill now under discussion in Congress.

“The estimates for the growth of the GDP and inflation used for the update of the target proposal are based on market forecasts, surveyed by the Central Bank’s Focus Bulletin,” stated the Planning Ministry in a press release.

According to the Focus Bulletin, a weekly survey conducted by Brazil’s Central Bank with 100 financial institutions, market analysts believe that Brazil’s GDP will grow by 0.77 percent next year.

The latest forecast is in line with market estimates for 2015.

The Planning Ministry still expects the economy to grow 2 percent in 2016 and 2.3 percent in 2017.