People wearing face masks walk on a pedestrian crossing in downtown Rio de Janeiro, Brazil, on December 08, 2020 amid the COVID-19 pandemic.(Photo: AFP)

BRASILIA, Feb. 8 (Xinhua) -- Brazilian financial analysts lowered their projection for gross domestic product (GDP) growth in 2021 from 3.5 percent to 3.47 percent, the first forecast reduction so far this year, while at the same time, they maintained the projection at 2.5 percent for 2022, the Central Bank of Brazil reported on Monday.

According to the bank's weekly survey of leading financial institutions in the South American country, analysts raised their inflation estimate from 3.53 percent to 3.6 percent at the end of the year and from 3.5 percent to 3.49 percent at the end of 2022.

The inflation forecasts fall within the government's target goal of 3.75 percent in 2021 and 3.5 percent in 2022, with a margin of tolerance of 1.5 percentage points up or down.

In terms of the Selic benchmark interest rate, currently at 2 percent annually, analysts maintained it at 3.5 percent at the end of 2021 and 5 percent at the end of next year.

Regarding the trade balance, analysts projected a surplus of 55 billion U.S. dollars in 2021 and 49.7 billion U.S. dollars in 2022.

In addition, foreign direct investment in Brazil is expected to reach 60 billion U.S. dollars this year and 70 billion U.S. dollars in 2022.