Mantega predicts 5.8% average growth over five years

The economy of Latin America's largest nation will grow at least 5.5% in 2011, outstripping more conservative market estimates, Brazilian Finance Minister Guido Mantega said Monday.

Speaking at an event in Sao Paulo, he added that a mixture of economic stability, growing consumption and rising investment means Brazil will grow by 5.8%, on average, over the next five years.

Brazil's economy shrunk 0.2% last year. For 2010, economists expect an expansion of more than 7%. The government is due to release second quarter GDP figures Friday. Mantega said second quarter figures will show growth of 6.5% to 7.0% against the second quarter of 2009, but with growth moderating in the second half of the year.