UPDATE 1-Argentina 2018 inflation forecast revised up to 47.5 pct -cenbank poll

poll@ (Adds peso and IMF deal context)

BUENOS AIRES, Nov 2 (Reuters) - Economists have raised their forecast for Argentina's 2018 inflation rate to 47.5 percent from a previous estimate of 44.8 percent, according to the median forecast in the central bank's monthly poll of analysts released on Friday.

The median forecast for Argentina's expected 2018 economic contraction was 2.4 percent versus a previous estimate of a 2.5 percent recession, according to the survey of 55 economists.

Inflation has been driven by a run on the peso. The currency has weakened 47 percent this year, weighed down by uncertainty over the country's ability to pay its debts.

The International Monetary Fund last month increased the size of a standby financing agreement for Argentina to $56.3 billion in a deal that toughens previously agreed fiscal measures including the reduction of public utility subsidies.

The cuts have increased inflation by jacking up home heating and electricity bills. The combination of high inflation and recession has hurt the popularity of President Mauricio Macri as he prepares to run for re-election next year. (Reporting by Hugh Bronstein; Editing by Cynthia Osterman and James Dalgleish)