Brazil’s Economy Ministry on Tuesday kept its economic growth forecasts for this year and next, predicting a record 4.7% contraction this year followed by a 3.2% expansion next year.

It also revised its inflation outlook, raising this year’s forecast to 1.83% from 1.6% and lowering next year’s to 2.94% from 3.24%.

Both would still be well below the central bank’s official goals, particularly this year’s projection.