The Economy Of Brazil. A brief sketch of the economy of Brazil

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  The Economy Of Brazil. A brief sketch of the economy of Brazil

Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, and a rapidly expanding middle class, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. Since 2008, Brazil became a net external creditor and all three of the major ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Unemployment is at historic lows and Brazil's traditionally high level of income inequality has declined for each of the last 15 years. Rising inflation led the authorities to take measures to cool the economy in 2011; these actions and the deteriorating international economic situation slowed growth in 2011-14. Brazil’s fiscal and current account balances have eroded during the past three years as the government attempted to boost economic growth through targeted tax cuts for industry and incentives to spur household consumption. President Dilma ROUSSEFF has indicated that her government in her second term will pursue more austere fiscal policies to reduce these imbalances and preserve the country’s credit rating.

GDP (purchasing power parity):

$3.073 trillion (2014 est.)

$3.063 trillion (2013 est.)

$2.989 trillion (2012 est.)

note: data are in 2014 US dollars

country comparison to the world: 8

GDP (official exchange rate):

$2.244 trillion (2014 est.)

GDP - real growth rate:

0.3% (2014 est.)

2.5% (2013 est.)

1% (2012 est.)

country comparison to the world: 198

GDP - per capita (PPP):

$15,200 (2014 est.)

$15,200 (2013 est.)

$15,000 (2012 est.)

note: data are in 2013 US dollars

country comparison to the world: 101

Gross national saving:

13.5% of GDP (2014 est.)

14.5% of GDP (2013 est.)

15.1% of GDP (2012 est.)

country comparison to the world: 125

GDP - composition, by end use:

household consumption: 63.5%

government consumption: 22.4%

investment in fixed capital: 16.7%

investment in inventories: 0%

exports of goods and services: 12.9%

imports of goods and services: -15.5%

(2014 est.)

GDP - composition, by sector of origin:

agriculture: 5.8%

industry: 23.8%

services: 70.4%

(2014 est.)

Agriculture - products:

coffee, soybeans, wheat, rice, corn, sugarcane, cocoa, citrus; beef

Industries:

textiles, shoes, chemicals, cement, lumber, iron ore, tin, steel, aircraft, motor vehicles and parts, other machinery and equipment

Industrial production growth rate:

-1.5% (2014 est.)

country comparison to the world: 180

Labor force:

110.9 million (2014 est.)

country comparison to the world: 6

Labor force - by occupation:

agriculture: 15.7%

industry: 13.3%

services: 71%

(2011 est.)

Unemployment rate:

5.5% (2014 est.)

5.4% (2013 est.)

country comparison to the world: 57

Population below poverty line:

21.4%

note: approximately 4% of the population are below the "extreme" poverty line (2009 est.)

Household income or consumption by percentage share:

lowest 10%: 0.8%

highest 10%: 42.9% (2009 est.)

Distribution of family income - Gini index:

51.9 (2012)

55.3 (2001)

country comparison to the world: 16

Budget:

revenues: $861.4 billion

expenditures: $834.4 billion (2014 est.)

Taxes and other revenues:

38.4% of GDP (2014 est.)

country comparison to the world: 46

Budget surplus (+) or deficit (-):

1.2% of GDP (2014 est.)

country comparison to the world: 22

Public debt:

59.3% of GDP (2014 est.)

56.7% of GDP (2013 est.)

country comparison to the world: 56

Fiscal year:

calendar year

Inflation rate (consumer prices):

6.3% (2014 est.)

5.9% (2013 est.)

Central bank discount rate:

10% (31 December 2013)

11% (31 December 2011)

country comparison to the world: 18

Commercial bank prime lending rate:

33% (31 December 2014 est.)

27.4% (31 December 2013 est.)

country comparison to the world: 4

Stock of narrow money:

$160.4 billion (31 December 2014 est.)

$147.1 billion (31 December 2013 est.)

country comparison to the world: 25

Stock of broad money:

$928.9 billion (31 December 2014 est.)

$835.3 billion (31 December 2013 est.)

country comparison to the world: 18

Stock of domestic credit:

$2.564 trillion (31 December 2014 est.)

$2.277 trillion (31 December 2013 est.)

country comparison to the world: 11

Market value of publicly traded shares:

$1.23 trillion (31 December 2012 est.)

$1.229 trillion (31 December 2011)

$1.546 trillion (31 December 2010 est.)

country comparison to the world: 13

Current account balance:

-$80.92 billion (2014 est.)

-$81.22 billion (2013 est.)

country comparison to the world: 191

Exports:

$242.7 billion (2014 est.)

$242 billion (2013 est.)

country comparison to the world: 24

Exports - commodities:

transport equipment, iron ore, soybeans, footwear, coffee, automobiles

Exports - partners:

China 19%, US 10.3%, Argentina 8.1%, Netherlands 7.2% (2013)

Imports:

$241.9 billion (2014 est.)

$239.6 billion (2013 est.)

country comparison to the world: 23

Imports - commodities:

machinery, electrical and transport equipment, chemical products, oil, automotive parts, electronics

Imports - partners:

China 15.6%, US 15.1%, Argentina 6.9%, Germany 6.3%, Nigeria 4% (2013)

Reserves of foreign exchange and gold:

$381 billion (31 December 2014 est.)

$358.8 billion (31 December 2013 est.)

country comparison to the world: 8

Debt - external:

$535.4 billion (31 December 2014 est.)

$482.8 billion (31 December 2013 est.)

country comparison to the world: 24

Stock of direct foreign investment - at home:

$728.5 billion (31 December 2014 est.)

$668.5 billion (31 December 2013 est.)

country comparison to the world: 13

Stock of direct foreign investment - abroad:

$177.6 billion (31 December 2014 est.)

$173.6 billion (31 December 2013 est.)

country comparison to the world: 25

Exchange rates:

reals (BRL) per US dollar -

2.36 (2014 est.)

2.1576 (2013 est.)

1.95 (2012 est.)

1.675 (2011 est.)

1.7592 (2010 est.)