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 São Paulo, the financial capital of Brazil | |
| Currency | Brazilian real (BRL, R$) |
|---|---|
| 1 January – 31 December | |
Trade organizations | WTO, BRICS, MERCOSUR, G20 and others |
Country group |
|
| Statistics | |
| Population |  203 million (2023)[3] |
| GDP | |
| GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
 3.69% YoY (Apr 2024)[8] | |
Population below poverty line | 24% on less than $6.85/day (2022)[9] |
| 52 high (2022)[10] | |
| |
 36 (2023)[12] (104th) | |
Labor force | |
Labor force by occupation |
|
| Unemployment |
|
Average gross salary | R$3,118 (US$578.48) monthly[17] (January 2024) |
Main industries | |
| External | |
| Exports | $339.7 billion (2023)[18] |
Export goods | Aircraft, armaments, steel, machinery, transport equipment, automobiles, vehicle parts, soybeans, iron ore, pulp (cellulose), maize, beef, chicken meat, soybean meal, sugar, coffee, tobacco, cotton, orange juice, footwear, gold, ethanol, semi-finished iron |
Main export partners |
|
| Imports | $240.8 billion (2023)[18] |
Import goods | Machinery, electrical and transport equipment, chemical products, oil, automotive parts, electronics |
Main import partners | |
FDI stock | $91.5 billion (2022)[20] |
| −$5,890.7 billion (2021)[21] | |
Gross external debt |  $576.4 billion (2022)[22] |
| Public finances | |
| 73.4% of GDP (September 2023)[23] | |
| 0.4% (of GDP) (2021)[24] | |
| Revenues | $382.6 billion (2022)[25] |
| Expenses | $319.4 billion (2022)[25] |
| $355 billion (2023)[29] | |
The economy of Brazil is historically the largest in Latin America and the Southern Hemisphere in nominal terms.[30] The Brazilian economy is the second largest in the Americas. It is an upper-middle income developing mixed economy.[31] In 2024, according to International Monetary Fund (IMF), Brazil has the 8th largest gross domestic product (GDP) in the world and has the 8th largest purchasing power parity in the world.[4][5] In 2024, according to Forbes, Brazil was the 7th largest country in the world by number of billionaires.[32] According to International Monetary Fund (IMF), Brazilian nominal GDP was US$2.331 trillion, the country has a long history of being among the largest economies in the world and the GDP per capita was US$11,178 per inhabitant.[4][5]
The country is rich in natural resources. From 2000 to 2012, Brazil was one of the fastest-growing major economies in the world, with an average annual GDP growth rate of over 5%. Its GDP surpassed that of the United Kingdom in 2012, temporarily making Brazil the world's sixth-largest economy. However, Brazil's economic growth decelerated in 2013[33] and the country entered a recession in 2014. The economy started to recover in 2017, with a 1% growth in the first quarter, followed by a 0.3% growth in second quarter compared to the same period of the previous year. It officially exited the recession.
According to the World Economic Forum, Brazil was the top country in upward evolution of competitiveness in 2009, gaining eight positions among other countries, overcoming Russia for the first time, and partially closing the competitiveness gap with India and China among the BRICS economies. Important steps taken since the 1990s toward fiscal sustainability, as well as measures taken to liberalize and open the economy, have significantly boosted the country's competitiveness fundamentals, providing a better environment for private-sector development.[34]
Brazil is a member of diverse economic organizations, such as Mercosur, Prosur, G8+5, G20, WTO, Paris Club, Cairns Group, and is advanced to be a permanent member of the OECD.[35]
From a colony focused on primary sector goods (sugar, gold and cotton), Brazil managed to create a diversified industrial base during the 20th century. The steel industry is a prime example of that, with Brazil being the 9th largest steel producer in 2018, and the 5th largest steel net exporter in 2018.[36] Gerdau is the largest producer of long steel in the Americas, and Vale is the largest producer of iron ore in the world.[37] Petrobras, the Brazilian oil and gas company, is the most valuable company in Latin America.[38]
- ^ "World Economic Outlook Database, April 2019". International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". World Bank. Retrieved 29 September 2019.
- ^ População do Brasil - Número Oficial IBGE
- ^ a b c d e f "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. 16 April 2024. Retrieved 16 April 2024.
- ^ a b c d e f "WEO Database, April 2024. Report for Selected Countries and Subjects: World, European Union". IMF.org. International Monetary Fund. 16 April 2024. Retrieved 16 April 2024.
- ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
- ^ Brazil: Share of economic sectors in the gross domestic product (GDP) from 2010 to 2020
- ^ IPCA Brazil
- ^ "Poverty headcount ratio at $6.85 a day (2017 PPP) (% of population) - Brazil". World Bank. Retrieved 1 March 2022.
- ^ "World Bank Open Data". World Bank Open Data. Retrieved 17 January 2024.
- ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 4 May 2024.
- ^ "2022 Corruption Perceptions Index - Explore Brazil's results". Transparency.org. 31 January 2023. Retrieved 30 January 2024.
- ^ Brazilian labor force in numbers
- ^ "LFS by sex and age - indicators". OECD. 2020. Retrieved 5 July 2020.
- ^ Brazil: Distribution of employment by economic sector from 2009 to 2019
- ^ "Brazil Unemployment Rate". CNN Brazil. Retrieved 9 November 2023.
- ^ "massa salarial | Carta de Conjuntura" (in Brazilian Portuguese). 5 September 2023. Retrieved 23 November 2023.
- ^ a b "Exportações brasileiras cresceram dez vezes mais do que a média mundial em 2023, afirma vice-presidente". Agência Gov (in Brazilian Portuguese). Retrieved 7 January 2024.
- ^ a b gov.br (1 December 2022). "Balança comercial tem superávit de US$ 6,675 bilhões em novembro" (in Portuguese). Retrieved 27 August 2023.
- ^ "World Bank Open Data". World Bank Open Data. Retrieved 23 November 2023.
- ^ Brazil Current Account Balance 1995 - 2021
- ^ "Dívida externa bruta (Gross external debt)". UOL. 1950–2021. Archived from the original on 30 January 2012. Retrieved 7 November 2022. Alt URL
- ^ "Brazil Government Debt: % of GDP". CEIC Data. Retrieved 23 November 2023.
- ^ Brazil's posts 35.1 billion reais 2021 deficit, best primary figure in 7 years
- ^ a b Revenues and spending in Brazilian Reais
- ^ Standard & Poor's
- ^ Moody's
- ^ "Fitch Upgrades Brazil to 'BB'; Outlook Stable". Fitch Ratings. 26 July 2023. Retrieved 11 September 2023.
- ^ "Detalhamento do Gráfico – Reservas Internacionais". Banco Central do Brasil (in Brazilian Portuguese). Retrieved 8 November 2023.
- ^ Is Brazil's Economy Getting Too Hot? Forbes. Retrieved on 24 October 2011.
- ^
- Trebat, Thomas J. (1983). Brazil's State-Owned Enterprises: A Case Study of the State as Entrepreneur. Cambridge University Press. pp. 10-15. ISBN 978-0-521-23716-1.
brazil mixed economy.
- Mazza, Jacqueline. “Argentina, Brazil, Chile: Democracy and Market Economics.” Great Decisions, Foreign Policy Association, 1994, pp. 61–70, JSTOR 43682341.
- Trebat, Thomas J. (1983). Brazil's State-Owned Enterprises: A Case Study of the State as Entrepreneur. Cambridge University Press. pp. 10-15. ISBN 978-0-521-23716-1.
- ^ "Forbes billionaires".
- ^ "Brazil's Economy Projected to shrink | Al Jazeera America".
- ^ Global Competitiveness Report 2009–2010 Archived 1 October 2009 at the Wayback Machine World Economic Forum. Retrieved on 24 October 2011.
- ^ Brazil is invited to start the OECD accession process
- ^ "World Crude Steel Production - Summary" (PDF). World Steel Association. 25 January 2019. Archived from the original (PDF) on 2 February 2019. Retrieved 21 June 2020.
- ^ "Top five iron ore producing companies in 2020 by mining output". NS Energy. 10 May 2021. Retrieved 30 August 2023.
- ^ Petrobras passa a ser a empresa mais valiosa da América Latina