Private sector analysts have revised their 2014 growth forecasts for Brazil's economy downward to 1.67 percent from 1.79 percent last week, the Central Bank said Monday.

Analysts also trimmed their 2015 growth forecasts for South America's largest economy from 2.1 percent to 2 percent.

The gross domestic product (GDP) 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.

The government, for its part, expects Brazil's GDP to expand by 2.5 percent this year and 4 percent in 2015.

The government initially projected 4 percent GDP growth for this year but revised its forecast downward last week.

Brazil's GDP expanded by 7.5 percent in 2010, but the economy posted tepid growth of 2.7 percent in 2011 and just 1 percent in 2012.

Private sector analysts revised their 2014 inflation estimates upward from 5.93 percent last week to 6 percent this week.

The government has an inflation target of 4.5 percent for this year, with a 2 percent band.

Analysts expect Brazil's benchmark interest rate, which is currently at 10.5 percent, to be raised.

The Central Bank's monetary policy committee will raise the benchmark rate by 0.25 percent at its meeting on Wednesday in an effort to fight inflation, analysts said. EFE