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Economy Overview

Possessing large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries and is expanding its presence in world markets. The maintenance of large current account deficits via capital account surpluses became problematic as investors became more risk averse to emerging markets as a consequence of the Asian financial crisis in 1997 and the Russian bond default in August 1998. After crafting a fiscal adjustment program and pledging progress on structural reform, Brazil received a $41.5 billion IMF-led international support program in November 1998. In January 1999, the Brazilian Central Bank announced that the real would no longer be pegged to the US dollar. The consequent devaluation helped moderate the downturn in economic growth in 1999, and the country posted moderate GDP growth in 2000. Economic growth slowed considerably in 2001-03 - to less than 2% - because of a slowdown in major markets and the hiking of interest rates by the Central Bank to combat inflationary pressures. New president DA SILVA, who took office 1 January 2003, has given priority to reforming the complex tax code, trimming the overblown civil service pension system, and continuing the fight against inflation.

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

2.3% (2002 est.)

Labor Force

79 million (1999 est.)

Electricity production

321.2 billion kWh (2001)

Electricity production by source

Fossil fuel: 8.3%

Hydro: 82.7%

Other: 4.6% (2001)

Nuclear: 4.4%

Electricity Consumption

335.9 billion kWh (2001)

Electricity Exports

0 kWh (2001)

Electricity Imports

37.19 billion kWh; note - supplied by Paraguay (2001)

Currency

real (BRL)

Unemployment Rate

6.4% (2001 est.)

Population Below Poverty Line

22% (1998 est.)

Household Income or Consumption by Percentage Share

Lowest 10%: 0.7%

Highest 10%: 48% (1998)

Distribution of Family Income Gini Index

60.7 (1998)

Budget

Revenues: $100.6 billion

Expenditures: $91.6 billion, including capital expenditures of $NA (2000)

Commercial Bank Prime Lending Rate

Stock of Narrow Money

Stock of Broad Money

Stock of Domestic Credit

Market Value of Publicly Traded Shares

Reserves of Foreign Exchange and Gold

Debt External

$222.4 billion (2002)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Exchange rates: reals per US dollar - 2.92 (2002), 2.36 (2001), 1.83 (2000), 1.81 (1999), 1.16 (1998)

Note: from October 1994 through 14 January 1999, the official rate was determined by a managed float; since 15 January 1999, the official rate floats independently with respect to the US dollar

Year	2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000

Fiscal Year

calendar year

GDP Purchasing Power Parity

Purchasing power parity - $1.376 trillion (2002 est.)

GDP Real Growth Rate

1.5% (2002 est.)

GDP Per Capital

Purchasing power parity - $7,600 (2002 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

Agriculture
8%
Industry
36%
Services
56% (2001 est.)

Inflation Rate Consumer Prices

8.3% (2002)

Current Account Balance

Exports

$59.4 billion f.o.b. (2002 est.)

Exports Partners

US
23.8%
Argentina
8.5%
Germany
5%
China
4.3%
Netherlands
4.2%

Exports Commodities

Transport equipment, iron ore, soybeans, footwear, coffee, autos

Imports

$46.2 billion f.o.b. (2002)

Imports Partners

US
23.3%
Argentina
12.6%
Germany
8.7%
France
5.2%

Imports Commodities

Machinery, electrical, and transport equipment, chemical products, oil

Brazil