Economy of Brazil

Economy of Brazil: An Overview

Brazil with a GDP of over USD 1.8 trillion (on a purchasing power parity (PPP) basis) (Source: IMF) is the world’s ninth largest economy. Brazil has a per capita income is around USD 9700 on a PPP basis (Source: IMF). Brazil has see 20 years of military rule till 1985. Its tryst with economic reform and liberalization has not been without its challenges.

Brazil has a total area of 8.5 million sq km with a coastline of 7491 km. Its arable land constitutes around 7% of its total land. Brazil is the largest country in South America by land area.

Agriculture constitutes over 5 %, manufacturing around 28 % and services 65 % of the economy. About 20 percent of people in Brazil are employed in the agriculture sector. Brazil is a world leader in raw cane and refined sugar. Brazil is also a leading producer and exporter of soybean. It also produces 80% of the total orange juice produced in the world.

The major industries of Brazil are Automotive, Mining and Oil and Gas. Its National Oil Company –Petrobras – is a leading oil producer. Brazil has abundant reserves of iron and manganese.

Brazil has a population of more than 190 million. Its population growth rate is around 1.2%. Brazil has a life expectancy rate of around 71 years. Its literacy rates stand at around 88%. About 30 % of the Brazilian population is below the poverty line.

The biggest export destinations are US, Argentina, and China. Brazil is a member of WTO.Brazil’s two major stock exchanges are the -the Sao Paulo and Rio de Janeiro stock exchanges.

The currency of Brazil is the Brazilian real (BRL).

Brazil’s total electricity production is around 400 billion kWh.

Brazil has over 50 million Internet users.