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Meanwhile, Brazil's economy has beat expectations, as it has continued to grow in 2010. Booming investments and strong consumer demands have helped it outperform struggling economies in the developed world.
Official statistics agency IBGE said on Friday that the country's economy grew 8.8 percent in the second quarter compared with last year, defying forecasts of a steep slowdown. Meanwhile,the size of the Brazilian economy expanded 1.2 percent in the second quarter from the first.
IBGE said among the sectors posting strong growth were capital spending, industry, cattle ranching, agriculture and household consumption.
The statistics, however,have fueled speculation that interest rates may rise again in 2011 to control inflation and prevent economic overheating.