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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. From 2001-03 real wages fell and Brazil's economy grew, on average, only 1.1% per year, as the country absorbed a series of domestic and international economic shocks. That Brazil absorbed these shocks without financial collapse is a tribute to the resiliency of the Brazilian economy and the economic program put in place by former President CARDOSO and strengthened by President Lula DA SILVA. The three pillars of the economic program are a floating exchange rate, an inflation-targeting regime, and tight fiscal policy, which have been reinforced by a series of IMF programs. The currency depreciated sharply in 2001 and 2002, which contributed to a dramatic current account adjustment: in 2003, Brazil ran a record trade surplus and recorded the first current account surplus since 1992. While economic management has been good, there remain important economic vulnerabilities. The most significant are debt-related: the government's largely domestic debt increased steadily from 1994 to 2003, straining government finances, while Brazil's foreign debt (a mix of private and public debt) is large in relation to Brazil's modest (but growing) export base. Another challenge is maintaining economic growth over a period of time to generate employment and make the government debt burden more manageable.

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

0.4% (2003 est.)

Labor Force

82.59 million (2003 est.)

Electricity production

321.2 billion kWh (2001)

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

12.3% (2003 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: $147.2 billion

Expenditures: $172.4 billion, including capital expenditures of NA (2003)

Public Debt

58.5% of GDP (2003)

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

$214.9 billion (2003)

Stock of Direct Foreign Investment at Home

Stock of Direct Foreign Investment Abroad

Exchange Rates

Exchange rates: reals per US dollar - 3.0771 (2003), 2.9208 (2002), 2.3577 (2001), 1.8301 (2000), 1.8147 (1999)

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 - $1.375 trillion (2003 est.)

GDP Real Growth Rate

-0.2% (2003 est.)

GDP Per Capital

Purchasing power parity - $7,600 (2003 est.)

Gross National Saving

GDP Composition by end Use

GDP Composition by Sector of Origin

Agriculture
10.2%
Industry
38.7%
Services
51.2% (2003 est.)

Inflation Rate Consumer Prices

14.7% (2003)

Current Account Balance

$3.52 billion (2003)

Exports

$73.28 billion f.o.b. (2003 est.)

Exports Partners

US
23%
Argentina
6.1%
China
6%
Netherlands
5.8%
Germany
4.2%

Exports Commodities

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

Imports

$48.25 billion f.o.b. (2003 est.)

Imports Partners

US
20%
Argentina
9.8%
Germany
8.7%
Japan
5.2%
China
4.4%

Imports Commodities

Machinery, electrical and transport equipment, chemical products, oil

Brazil