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UPDATE 1-Brazil may grow above 4 pct in 2013 - finance minister
November 12, 2012 / 4:35 PM / 5 years ago

UPDATE 1-Brazil may grow above 4 pct in 2013 - finance minister

* Mantega says investment key to secure solid growth

* Gov’t estimates it gave $22 bln in tax breaks this year

RIO DE JANEIRO, Nov 12 (Reuters) - The Brazilian economy could grow more than 4 percent in 2013 as investment picks up after the government gave about 45 billion reais ($21.95 billion) in tax breaks to businesses this year, Finance Minister Guido Mantega said Monday.

“We are speeding up growth of the Brazilian economy in the second half so that we can enable the economy to grow more than 4 percent in 2013,” Mantega said at a shipbuilders event in Rio de Janeiro. “For that to happen we need investment to grow between 8 to 10 percent next year compared to this year.”

He said the Brazilian government likely gave billions of reais in tax breaks to companies to keep investing in Latin America’s largest economy.

The Brazilian economy is showing signs of life after a year of near zero growth due to weakening industrial output at home and a sharp slowdown abroad. Some analysts say President Dilma Rousseff’s government still has to do more to raise anemic investment levels in Brazil.

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