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Brazilian economy to grow at least 5.5% in 2010

A surge in consumer demand and a strong recovery in investment suggest Brazil’s economy is on course to grow at least 5.5 per cent this year, according to data released by its national statistics office. Consumption by families increased 7.7 per cent in the fourth quarter of 2009 against the same period in 2008. Investment rose 3.6 per cent in the same period, or by 6.6 per cent compared with the previous quarter. Foreign investors are piling money into Latin America’s largest economy as the country builds houses, roads and stadiums for the 2014 World Cup soccer tournament and 2016 Olympic Games in Rio de Janeiro. Gross domestic product has tripled since President Luiz Inacio Lula da Silva came to power in 2003.

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