Brazil's economy growing at 9%

BRAZIL'S economy grew at a record annual rate of 9 per cent in the first quarter on strong domestic demand, the government said yesterday, a surprisingly good result that prompted a revision of the 2010 growth forecast to 6.5 per cent.

By The Newsroom

Published 8th Jun 2010, 22:06 BST

Updated 8th Jun 2010, 22:10 BST

"It was more than I'd hoped for," economy minister Guido Mantega said. "It shows that the Brazilian economy had one of the best recoveries in the world. Only China has had growth of this magnitude."

Mantega said Latin America's largest economy "should see growth of 6 to 6.5 per cent" this year, up from earlier estimates of 4.5 per cent to 5.5 per cent.