page_title: Economy of Brazil
hierarchical_section_title: Economy of Brazil
caption_attribution_description: English: Graphical depiction of the country's product exports in 28 color coded categories. Each colored box represents one product and its size is proportional to the share of the country's total exports that the product represents.
context_page_description: Brazil has a developing mixed economy that is the ninth largest in the world by nominal Gross Domestic Product and eighth largest by purchasing power parity in 2019. According to International Monetary Fund, Brazils 2019 nominal GDP was R$6.826 trillion or US$1.868 trillion. Brazil is the 73rd country in the world in GDP per capita, with a value of US$8,967 per inhabitant. The country has an estimated at Int$20.18 trillion worth of natural resources which includes vast amounts of gold, uranium, iron, and timber.
  As of late 2010, Brazil's economy is the largest in Latin America and the second largest in the Americas. 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 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, and officially exited the recession.
context_section_description: Brazil has a developing mixed economy that is the ninth largest in the world by nominal Gross Domestic Product (GDP) and eighth largest by purchasing power parity in 2019. According to International Monetary Fund (IMF), Brazils 2019 nominal GDP was R$6.826 trillion or US$1.868 trillion. Brazil is the 73rd country in the world in GDP per capita, with a value of US$8,967 per inhabitant. The country has an estimated at Int$20.18 trillion worth of   natural resources which includes vast amounts of gold, uranium, iron, and timber.
  As of late 2010, Brazil's economy is the largest in Latin America and the second largest in the Americas. 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 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, and officially exited the recession. Brazil has remained stuck in the "middle income trap" and also faces high unemployment.
  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 BRIC 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. In 2020, Forbes ranked Brazil as having the 7th largest number of billionaires in the world. Brazil is a member of diverse economic organizations, such as Mercosur, Unasul, G8+5, G20, WTO, Paris Club and the Cairns Group.
  From a colony whose aim was to export primary goods (sugar, gold and cottom), Brazil has managed to create a diversified industrial base in the XX 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 Gerdau is the largest producer of long steel in the Americas, owning 337 industrial and commercial units and more than 45,000 employees across 14 countries.
  Income inequality in Brazil is also a marked feature of the Brazilian economy, an aspect which is frequently highlighted abroad. According to data from the Brazilian Institute of Geography and Statistics, extreme poverty had increased by 11 per cent in 2017, while inequalities also increased again (the Gini index rose from 0.555 to 0.567). The increase of informal work would be the leading cause, according to economists.
caption: Brazil product export treemap
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