About

Economy

The Brazilian economy is the world's seventh largest by nominal GDP and the seventh largest by purchasing power parity. In 2012, it overtook the UK to become the world's sixth-largest economy, with GDP around A$2.5 trillion. Brazil's per capita GDP is lower than in Chile or Mexico, but significantly higher than in fellow BRICS members, China and India.

Growth in 2012 was lower than initially expected, at 1.0 per cent, with inflation at 5.5 per cent. GDP growth has been driven by strong private consumption and investment, underpinned by a growing labour force and growth in credit and real wages. Brazil's unemployment rate is around 6%, some 15 million new formal jobs have been created in recent years and the amount of available credit is now more than five times higher than in 2002.

The World Economic Forum Global Competitiveness Index for 2012-13 ranked Brazil 48 out of 144 countries and the World Bank's 2012 rankings for 'ease of doing business' placed Brazil 130 out of 185.

 

 

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