The Associated Press March 15, 2011, 4:53PM ET

Brazil's GDP expected to grow more than 5 percent

The Brazilian government says the gross domestic product of Latin Americas biggest economy is expected to grow by more than 5 percent a year through 2014.

The Finance Ministry says in a report released Tuesday that increased long term investments by the private sector will be fundamental in achieving the projected growth.

The report says that by the end of 2011, investments will account for 20 percent of the GDP. By the end of 2014, they will represent 24 percent.

Earlier this month, the government said Brazil's GDP grew 7.5 percent in 2010, the highest growth rate since 1986, when the economy also grew by 7.5 percent.

The growth led the government to order $30 billion in spending cuts last month to battle inflation.

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