Bank analysts have revised their 2014 growth and inflation forecasts for the Brazilian economy upward, the Central Bank said Monday.

The 2014 gross domestic product (GDP) forecast was raised from 1.95 percent to 1.99 percent, while the inflation projection was increased from 5.97 percent to 6.00 percent.

The GDP and inflation estimates were included in the Boletin Focus, a weekly Central Bank survey of analysts from about 100 private financial institutions on the state of the national economy.

Brazil ended 2013 with an inflation rate of 5.91 percent, a level that was above analysts' estimates but within the target range set by the government, which has a top-end inflation figure of 6.5 percent.

The 2013 GDP number has not been released, but analysts expect it to come in at around 2.3 percent. EFE