Brazil is the largest economy of the Latin America followed by Mexico and Argentina.
It has extensive natural resources and diverse agricultural and manufacturing production. As a member of BRICS group, Brazil has proved its importance in global economy and the nominal GDP of Brazil is $ 1,534.780 billion and it stands at 9th position in the world.
The Gross National Product of the country is $ 423618.70 million. Though Brazil’s GDP by purchasing power parity is $ 3,101.250 billion and by PPP it is at 7th rank. The GDP per capita is $5969.68 in Brazil. It is one of the fastest growing and developing countries in the world due to its export potential. In the third quarter of the financial year 2015-16, the economy of Brazil declined 1.4%. The market expectations of the decline were 1.5 %.
The GDP from services sector is $50693.08 million. It is the highest contributor to the GDP and constitutes up to 65% of the total GDP. The GDP from manufacturing is $ 8290.49 million and the GDP from agriculture is $3567.03 million.
The unemployment rate in Brazil is increased to 10.9% in the last quarter of 2015-16. The inflation rate saw an increase to 9.28%.The interest rate in Brazil is at 14.25%.Brazil has a population of 204.5 million of which 90.64 million people are employed. The count of unemployed people is at 11.09 million.
The export of Brazil is $0.8 trillion. Brazil mainly exports transport equipment, iron ore, soybeans, footwear, coffee and autos. Brazil have good export relations with China, United States, Argentina and Netherlands. Same countries are main import partners of Brazil as well. The import of the country is $0.5 trillion. Brazil imports mainly goods such as machinery, electrical equipment and transport equipment, chemical products, oil, automotive parts and electronics.
The foreign exchange reserves of Brazil is $362201.00 million. Its balance of trade is $4860.00 million. Brazil has Foreign Direct Investment of $ 5560.00 million. The current account of Brazil is $ -855 million.