Characterized by large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries, and Brazil is expanding its presence in world markets. Since 2003, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt profile by shifting its debt burden toward real denominated and domestically held instruments. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After strong growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in 2008. Brazil experienced two quarters of recession, as global demand for Brazil's commodity-based exports dwindled and external credit dried up. However, Brazil was one of the first emerging markets to begin a recovery. In 2010, consumer and investor confidence revived and GDP growth reached 7.5%, the highest growth rate in the past 25 years. Rising inflation led the authorities to take measures to cool the economy; these actions and the deteriorating international economic situation slowed growth to 2.7% for 2011 as a whole, though forecasts for 2012 growth are somewhat higher. Despite slower growth in 2011, Brazil overtook the United Kingdom as the world's seventh largest economy in terms of GDP. Urban unemployment is at the historic low of 4.7% (December 2011), and Brazil's traditionally high level of income equality has declined for each of the last 12 years. Brazil's high interest rates make it an attractive destination for foreign investors. Large capital inflows over the past several years have contributed to the appreciation of the currency, hurting the competitiveness of Brazilian manufacturing and leading the government to intervene in foreign exchanges markets and raise taxes on some foreign capital inflows. President Dilma ROUSSEFF has retained the previous administration's commitment to inflation targeting by the central bank, a floating exchange rate, and fiscal restraint.

39.992% (31 December 2010 est.)

$153 billion (31 December 2011 est.)

$169.2 billion (31 December 2010 est.)

$1.878 trillion (30 November 2011 est.)

$1.826 trillion (31 December 2010 est.)

$2.769 trillion (31 December 2011 est.)

$2.193 trillion (31 December 2010 est.)

$1.229 trillion (31 December 2011)

$1.546 trillion (31 December 2010)

$1.167 trillion (31 December 2009)

Coffee, soybeans, wheat, rice, corn, sugarcane, cocoa, citrus; beef

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

35.9 billion kWh; note - supplied by Paraguay and Venezuela (2010 est.)

2.301 million bbl/day (December 2011 est.)

2.029 million bbl/day (December 2011 est.)

801,200 bbl/day (December 2011 est.)

255,800 bbl/day (December 2011 est.)

12.86 billion bbl (1 January 2011 est.)

366.4 billion cu m (1 January 2011 est.)

Transport equipment, iron ore, soybeans, footwear, coffee, autos

China 17.3%, US 10.1%, Argentina 8.9%, Netherlands 5.3% (2011)

Machinery, electrical and transport equipment, chemical products, oil, automotive parts, electronics

US 15.1%, China 14.5%, Argentina 7.5%, Germany 6.7%, South Korea 4.5% (2011)

$352 billion (31 December 2011 est.)

$288.6 billion (31 December 2010 est.)

$397.5 billion (31 December 2011 est.)

$347 billion (31 December 2010 est.)

$435.1 billion (31 December 2011 est.)

$368.4 billion (31 December 2010 est.)

$119.7 billion (31 December 2011 est.)

$129 billion (31 December 2010 est.)