The economy of Brazil is historically the largest in Latin America and the Southern Hemisphere in nominal terms. The Brazilian economy is the second largest in the Americas. It is an upper-middle income developing mixed economy. In 2024, according to the International Monetary Fund (IMF), Brazil has the 8th largest gross domestic product (GDP) in the world and has the 8th largest purchasing power parity in the world. In 2024, according to Forbes, Brazil was the 7th largest country in the world by number of billionaires. According to the International Monetary Fund (IMF), Brazilian nominal GDP was US$2.331 trillion, the country has a long history of being among the largest economies in the world and the GDP per capita was US$11,178 per inhabitant.<br>The country is rich in natural resources. 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 the second quarter compared to the same period of the previous year. It officially exited the recession.
Top Sectors in Brazil
Agriculture in Brazil
Brazil is the world's largest producer of sugarcane, soy, coffee, orange, guaraná, açaÃ, and Brazil nut; is one of the top 5 producers of maize, papaya, tobacco, pineapple, banana, cotton, beans, coconut, watermelon, and lemon; is one of the top 10 world producers of cocoa, cashew, avocado, tangerine, persimmon, mango, guava, rice, sorghum, and tomato; and is one of the top 15 world producers of grape, apple, melon, peanut, fig, peach, onion, palm oil, and natural rubber.
Mining in Brazil
In the mining sector, Brazil stands out in the extraction of iron ore (where it is the second world exporter), copper, gold, bauxite (one of the 5 largest producers in the world), manganese (one of the 5 largest producers in the world), tin (one of the largest producers in the world), niobium (concentrates 98% of reserves known to the world) and nickel. In terms of gemstones, Brazil is the world's largest producer of amethyst, topaz, agate and one of the main producers of tourmaline, emerald, aquamarine, garnet and opal.
Industry in Brazil
Industrial production in Brazil encompasses a diverse range of sectors, including textiles, shoes, chemicals, cement, lumber, iron ore, tin, steel, aircraft, armaments, motor vehicles and parts, and other machinery and equipment. The industrial growth rate was recorded at 1.1% in 2018. The labor force engaged in the industrial sector represents 13.3% of the total labor force, contributing approximately 22.2% to the country's total GDP.<br>Brazil has the second-largest manufacturing sector in the Americas, accounting for 28.5 percent of GDP. Its industries span from automobiles, steel, and petrochemicals to computers, aircraft, and consumer durables. With increased economic stability provided by the Plano Real, Brazilian and multinational businesses have invested heavily in new equipment and technology, with a significant portion sourced from U.S. firms.
Tourism in Brazil
In the list of world tourist destinations, in 2018, Brazil was the 48th most visited country, with 6.6 million tourists (and revenues of 5.9 billion dollars). Tourism in South America as a whole is still underdeveloped: in Europe, for example, countries obtain annual tourism figures like $73.7 billion (Spain), receiving 82.7 million tourists or 67.3 billion (France), receiving 89.4 million tourists. While Europe received 710 million tourists in 2018, Asia 347 million and North America 142.2 million, South America received only 37 million, Central America 10.8 million and the Caribbean 25.7 million.
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