Brazil Economy - 2023

Economic overview

industrial-led economic growth model; recovering from 2014-2016 recession when COVID-19 hit; industry limited by Amazon rainforest but increasing deforestation; new macroeconomic structural reforms; high income inequality; left UNASUR to join PROSUR

Real GDP (purchasing power parity)

$3.128 trillion (2021 est.)

$2.989 trillion (2020 est.)

$3.11 trillion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

4.62% (2021 est.)

-3.88% (2020 est.)

1.22% (2019 est.)

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Real GDP per capita

$14,600 (2021 est.)

$14,000 (2020 est.)

$14,700 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$1,877,942,000,000 (2019 est.)

Inflation rate (consumer prices)

8.3% (2021 est.)

3.21% (2020 est.)

3.73% (2019 est.)

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Credit ratings

Fitch rating: BB- (2018)

Moody's rating: Ba2 (2016)

Standard & Poors rating: BB- (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 6.6% (2017 est.)

industry: 20.7% (2017 est.)

services: 72.7% (2017 est.)

GDP - composition, by end use

household consumption: 63.4% (2017 est.)

government consumption: 20% (2017 est.)

investment in fixed capital: 15.6% (2017 est.)

investment in inventories: -0.1% (2017 est.)

exports of goods and services: 12.6% (2017 est.)

imports of goods and services: -11.6% (2017 est.)

Agricultural products

sugar cane, soybeans, maize, milk, cassava, oranges, poultry, rice, beef, cotton

Industries

textiles, shoes, chemicals, cement, lumber, iron ore, tin, steel, aircraft, motor vehicles and parts, other machinery and equipment

Industrial production growth rate

4.48% (2021 est.)

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Labor force

99.47 million (2021 est.)

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Labor force - by occupation

agriculture: 9.4%

industry: 32.1%

services: 58.5% (2017 est.)

Unemployment rate

14.4% (2021 est.)

13.69% (2020 est.)

11.93% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 31.9%

male: 27%

female: 38.2% (2021 est.)

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Population below poverty line

4.2% (2016 est.)

note: approximately 4% of the population are below the "extreme" poverty line

Gini Index coefficient - distribution of family income

48.9 (2020 est.)

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Average household expenditures

on food: 15.7% of household expenditures (2018 est.)

on alcohol and tobacco: 1.5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 0.8%

highest 10%: 43.4% (2016 est.)

Budget

revenues: $424.196 billion (2020 est.)

expenditures: $617.332 billion (2020 est.)

Budget surplus (+) or deficit (-)

-1.1% (of GDP) (2017 est.)

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Public debt

100.59% of GDP (2020 est.)

92.57% of GDP (2019 est.)

86.61% of GDP (2018 est.)

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Taxes and other revenues

12.96% (of GDP) (2020 est.)

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Fiscal year

calendar year

Current account balance

-$27.925 billion (2021 est.)

-$24.492 billion (2020 est.)

-$65.03 billion (2019 est.)

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Exports

$317.175 billion (2021 est.)

$239.283 billion (2020 est.)

$260.075 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

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Exports - partners

China 28%, United States 13% (2019)

Exports - commodities

iron, soybeans, crude petroleum, sugar, poultry meats (2021)

Imports

$297.924 billion (2021 est.) note: data are in current year dollars

$227.854 billion (2020 est.) note: data are in current year dollars

$269.017 billion (2019 est.) note: data are in current year dollars

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Imports - partners

China 21%, United States 18%, Germany 6%, Argentina 6% (2019)

Imports - commodities

refined petroleum, vehicle parts, crude petroleum, integrated circuits, pesticides (2019)

Reserves of foreign exchange and gold

$362.21 billion (31 December 2021 est.)

$355.614 billion (31 December 2020 est.)

$356.886 billion (31 December 2019 est.)

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Debt - external

$681.336 billion (2019 est.)

$660.693 billion (2018 est.)

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Exchange rates

reals (BRL) per US dollar -

5.394 (2021 est.)

5.155 (2020 est.)

3.944 (2019 est.)

3.654 (2018 est.)

3.191 (2017 est.)

NOTE: The information regarding Brazil on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Brazil 2023 information contained here. All suggestions for corrections of any errors about Brazil 2023 should be addressed to the CIA or the source cited on each page.