Brazil's largest brewer and drinks group, Companhia de Bebidas das Americas SA (AmBev), has downgraded its expectations for the rest of the year, fearing that the economic slowdown seen at the end of the second quarter will suppress volumes for the full year.

AmBev said it hopes to see Brazilian beer volumes grow by 2% this year but this represents a slowdown from the first and second quarters. Volumes were up 5.4% year-on-year in the first quarter and by 2.5% in the second.

"We see 2% volume growth for the year but, again, that always depends on the market," AmBev's chief executive, Marcel Telles, said. This is also a reduced forecast from AmBev's outlook in May when it said it was expecting volume growth of between 2% and 3% for the year.