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Home » Economy of the World » Brazil
 

Brazil Economy
Brazil, officialy known as the Federative Republic of Brazil, is a country in South America. By geographical area this is the fifth largest country in the world and by population it also holds the fifth position. The service sector consists of the largest component in the Brazil Economy. The service sector contributes to about 66 percent of the total GDP of the economy of the nation and the industrial sector contributes to about 20 per cent to the total GDP of the country. The agriculture contributes to about 14 per cent of the GDP. Brazil has a free market. Brazil Economy is primarily export-oriented. The GDP of the country once again crossed a trillion making it the ninth largest economy of the world and the largest in Latin America.

The scientific and technological development of the country attracted direct foreign investment that averaged to about US$20 billion per year. Brazil is a member of various economic organizations like: Mercosur, SACN, G-20,G8+5, and the Cairns Group.

Brazil puts agribusiness in a position of distinction in terms of Brazil’s trade balance. In the space of fifty five years the population of Brazil grew 51 million to approximately 180 million. The average increasr per year is about 2 per cent. To meet this demand it was necessary to take into account the development of cattle and crops raising activities a step further. Since then, an authentic green revolution took place that allows the country to create and expand a complex agribusiness sector. The importance given to the rural development in Brazil Economy takes place in the shape of Agricultural and Cattle-raising Plan. With The Land Reform Program the country’s objective is to provide suitable living and working conditions for over one million families who live in areas allotted by the State. This is a positive initiative capable of generating about two million jobs.



The industrial sector in Brazil Economy plays a very vital role. This section account sto about one-third of the total GDP of the nation. Brazil's diverse economy ranges from consumer durables, aircraft, steel and petrochemicals to computers, and automobiles. Brazil has a diverse and sophisticated services industry as well. During the early 1990s, the banking sector accounted for as much as 16% of GDP. The Sao Paulo and Rio de Janeiro stock exchanges are undergoing a consolidation and the reinsurance sector is also on the verge of privatization. Energy is the new section in Brazil Economy. Brazilian government has undertaken a challenging program to reduce dependence on imported oil. Imports previously accounted for more than 70 per cent of the country's oil needs but now it accounts for about 33 per cent. Brazil is one of the world's leading producers of hydroelectric power, with a current capacity of about 58,000 megawatts