Economy

Brazil is home to one of the world's largest giants in agriculture, mining, and manufacturing. The country produces a variety of minerals and exports vast quantities of steel, automobiles, electronics, and consumer goods (Britannica). Brazil’s three major imports are machinery, vehicles, and chemicals. On the other hand, Brazil's three major exports are agricultural goods, iron and steel, and machinery. It is the leading global source of coffee, oranges, and cassava. The economy primarily thrives in five major industries: mining, agriculture, manufacturing, and the service sector (Britannica). Most people in Brazil earn their income through the service sector, which employs the majority of the workforce, and has seen a major spike in employees this past year. This sector consists of both private and government services (Britannica). In the private sector, the majority of workers are found in the hospitality industries (hotels, restaurants, and bars) and repair shops (Britannica). Brazil has a relatively low GDP per capita, at $10,294.87 in 2023 (Data Commons). Compared to neighboring countries, its GDP per capita ranks in the middle. Bolivia and Peru have significantly lower GDP per capita than Brazil. While Chile and Uruguay boast higher GDPs (Data Commons). Globally, Brazil ranks around 10th in total GDP and has a GDP growth rate of 2.93% in 2023 (Data Commons). The country faces challenges such as inflation, financial instability, and wealth inequality. With Brazil having the largest population and land area in South America, wealth inequality is a major issue; for example, half of the workforce in the Northeast earns less than the minimum wage, while in the South and Southeast, nearly four-fifths earn more than five minimum salaries, which is inconsistent throughout the country (Britannica). This disparity ranks among the worst in the world, highlighting how a substantial amount of the Brazilian population still struggles with poverty and the amount of money made per year. Overall, Brazil has a diverse and powerful economy.