Fitch Ratings raised its projections for the growth of the Brazilian economy in 2019 and 2020. The estimate for this year's Gross Domestic Product (GDP) expansion went from 0.8% to 1.1%. The forecast for the following year was raised by 0.2 percentage point to 2.2%.

The rating agency points out that the changes were made due to the better-than-expected third-quarter GDP result, which grew by 0.6% over the previous three months, as seasonal adjustments were made. Another impacting factor in the agency's decision was IBGE's revisions to previous GDP results that were discounted due to technical errors.