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Brazil to see investment growth in 2015: minister

Xinhua, June 2, 2015 Adjust font size:

Brazil will see investment growth in late 2015 and in 2016 thanks to a rebound in the demand for infrastructure services, Brazilian Planning and Budget Minister Nelson Barbosa said on Monday.

"There is a high demand for infrastructure services in the country, and that demand will ensure the potential of those investments," Barbosa said.

The government will announce a package of concessions for highways next week, and several companies have already expressed their interest in the business, he said.

In the first quarter of 2015, Brazil posted a 0.2-percent GDP contraction compared with last year's fourth quarter and a 1.6-percent contraction year on year, according to official statistics published last week.

In the same period, investments amounted to 276.7 billion reals (87.28 billion U.S. dollars), down 1.3 percent from the previous quarter and down 7.8 percent year on year, marking the sixth consecutive drop.

Brazil's annual basic interest rate is currently at a high of 13.25 percent and is expected to get another raise later this week, the minister said.

Brazil will undergo tough times until 2017, but economic recovery is expected to start in 2016, he said. Endi