When you think of Brazil, the first thought that comes into mind is perhaps football, coffee or dancing. You might not think of it as one of the world’s fastest growing economies; one of the BRIC nations, [Brazil, Russia, India and China] recognised by Goldman Sachs in 2003, as one of four countries with the potential to become some of the world’s largest economies by 20501. As of 2009, Brazil is the 8th largest economy by nominal GDP, and in terms of Power Purchasing Parity, or PPP.2 Economic growth in Brazil has been significant over the past few decades, and is a result of many factors, including a large and growing workforce of 95.21 million3, consistent economic policy and the introduction of the new currency: the Real dollar.
In 2009, Brazils GDP amounted to $1,571,980,000,0004, the service sector being the largest contributor providing 66% of the total figure. It employed 71% of the Brazilian labour force, meaning that it is the backbone of the Brazilian economy.
Incorporating many different industries, including automobiles, steel, petrochemicals and computers, Brazils industrial sector is diverse and provides 27% of GDP and employs 14% of the labour force. Brazils industrial output is concentrated in the south and the south east of the country, clustered around the largest cities Rio de Janeiro and Sao Paulo.
The agriculture or primary sector represents 7% GDP and employs 20% of the population, the world’s largest exporter of sugarcane as well as coffee, soy beans, and beef. https://www.cia.gov/library/publications/the-world-factbook/geos/br.html http://www.worldbank.org/ Figure 1 5 Figure 2 6
Brazil is the 26th largest exporter in the world,7 exporting a wide array of goods, from agricultural products like orange juice to semi manufactured and high tech manufactured goods. Two-thirds of Brazil’s exports are manufactured or semi-manufactured, some of these being high-tech products. Brazil’s main export