Economy of Brazil

Economy of Brazil
São Paulo, the financial capital of Brazil
CurrencyBrazilian real (BRL, R$)
1 January – 31 December
Trade organizations
WTO, BRICS, MERCOSUR, G20 and others
Country group
Statistics
PopulationIncrease 213 million (2024)[3]
GDP
GDP rank
GDP growth
  • Increase 2.9% (2023)[6]
  • Increase 3.2% (2024f)[6]
  • Increase 2.7% (2025f)[6]
GDP per capita
GDP per capita rank
GDP by sector
Positive decrease 3.69% YoY (Apr 2024)[8]
Population below poverty line
Positive decrease 24% on less than $6.85/day (2023)[9]
Positive decrease 52 high (2022)[10]
Decrease 36 (2023)[12] (104th)
Labor force
  • Decrease 108,695,239 (2023)[13]
  • Increase 56.85% employment rate (2023)[14]
Labor force by occupation
UnemploymentPositive decrease 6.4% (September 2024)[16]
Average gross salary
R$3,514 (US$651.95) monthly[17] (April 2024)
Main industries
External
ExportsIncrease $339.7 billion (2023)[18]
Export goods
Aircraft, armaments, steel, machinery, transport equipment, automobiles, vehicle parts, electrical equipment, kitchenware, oil, semi-finished iron, iron ore, pulp (cellulose), soybeans, maize, beef, chicken meat, pork meat, soybean meal, sugar, coffee, sugarcane, tobacco, cotton, orange juice, gold, ethanol
Main export partners
ImportsDecrease $240.8 billion (2023)[18]
Import goods
Machinery, electrical and transport equipment, chemical products, oil, automotive parts, electronics
Main import partners
FDI stock
Increase $815.6 billion (2022)[20]
Decrease −$6.6 billion (August 2024)[21]
Negative increase $607.21 billion (2023)[22]
Public finances
Negative increase 77.8% of GDP (June 2024)[23]
Negative increase −7.89% of GDP (2023)[24]
Revenues$382.6 billion (2022)[25]
Expenses$319.4 billion (2022)[25]
Decrease $366 billion (October 2024)[29]
All values, unless otherwise stated, are in US dollars.

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] Brazil is one of the ten chief industrial states in the world according to International Labour Organization.[33] 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[34] 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.[35]

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.[36]

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.[37] Gerdau is the largest producer of long steel in the Americas, and Vale is the largest producer of iron ore in the world.[38] Petrobras, the Brazilian oil and gas company, is the most valuable company in Latin America.[39]

  1. ^ "World Economic Outlook Database, April 2019". International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". World Bank. Retrieved 29 September 2019.
  3. ^ População do Brasil - Número Oficial IBGE
  4. ^ a b c d e f "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund. 16 April 2024. Retrieved 16 April 2024.
  5. ^ 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.
  6. ^ 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.
  7. ^ Brazil: Share of economic sectors in the gross domestic product (GDP) from 2010 to 2020
  8. ^ IPCA Brazil
  9. ^ "Poverty headcount ratio at $6.85 a day (2017 PPP) (% of population) - Brazil". World Bank. Retrieved 1 March 2022.
  10. ^ "World Bank Open Data". World Bank Open Data. Retrieved 17 January 2024.
  11. ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 4 May 2024.
  12. ^ "2022 Corruption Perceptions Index - Explore Brazil's results". Transparency.org. 31 January 2023. Retrieved 30 January 2024.
  13. ^ "World Bank Open Data". World Bank Open Data. Retrieved 27 May 2024.
  14. ^ "Employment rate in Brazil 2023". Statista. Retrieved 9 October 2024.
  15. ^ Brazil: Distribution of employment by economic sector from 2009 to 2019
  16. ^ "Divulgação trimestral | IBGE". www.ibge.gov.br. Retrieved 27 May 2024.
  17. ^ "massa salarial | Carta de Conjuntura" (in Brazilian Portuguese). 5 September 2023. Retrieved 23 November 2023.
  18. ^ a b "Exportações brasileiras cresceram dez vezes mais do que a média mundial em 2023, afirma vice-presidente". Agência Gov (in Brazilian Portuguese). Retrieved 7 January 2024.
  19. ^ a b "Balança comercial atinge US$ 98,8 bi e tem saldo recorde em 2023" (in Portuguese). 5 January 2024. Retrieved 15 June 2024.
  20. ^ "Foreign direct investment (FDI) in Brazil - International Trade Portal". www.lloydsbanktrade.com. Retrieved 9 October 2024.
  21. ^ "Banco Central do Brasil". www.bcb.gov.br. Retrieved 9 October 2024.
  22. ^ "Dívida externa bruta (Gross external debt)". UOL. 1950–2021. Archived from the original on 30 January 2012. Retrieved 7 November 2022. Alt URL
  23. ^ "Brazil Government Debt: % of GDP". CEIC Data. Retrieved 23 November 2023.
  24. ^ "Brazil - budget balance in relation to GDP 2029". Statista. Retrieved 9 October 2024.
  25. ^ a b Revenues and spending in Brazilian Reais
  26. ^ Standard & Poor's
  27. ^ Moody's
  28. ^ "Fitch Upgrades Brazil to 'BB'; Outlook Stable". Fitch Ratings. 26 July 2023. Retrieved 11 September 2023.
  29. ^ "Detalhamento do Gráfico – Reservas Internacionais". Banco Central do Brasil (in Brazilian Portuguese). Retrieved 19 August 2024.
  30. ^ Is Brazil's Economy Getting Too Hot? Forbes. Retrieved on 24 October 2011.
  31. ^
  32. ^ "Forbes billionaires".
  33. ^ "Governing Body". International Labour Organization. Retrieved 24 May 2012.
  34. ^ "Brazil's Economy Projected to shrink | Al Jazeera America".
  35. ^ Global Competitiveness Report 2009–2010 Archived 1 October 2009 at the Wayback Machine World Economic Forum. Retrieved on 24 October 2011.
  36. ^ Brazil is invited to start the OECD accession process
  37. ^ "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.
  38. ^ "Top five iron ore producing companies in 2020 by mining output". NS Energy. 10 May 2021. Retrieved 30 August 2023.
  39. ^ Petrobras passa a ser a empresa mais valiosa da América Latina