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export earnings. Brazil is one of the world’s largest exporters of iron ore,
and an important source of gold, tin, and manganese. Bauxite, nickel, zinc,
copper, and the metallic element molybdenum are also mined. Overall,
Brazil produces 90 percent of the world’s supply of gems, including
diamonds, topazes, and emeralds.
Oil was first discovered in northeastern Brazil in 1939. Offshore oil fields
account for about 85 percent of production and contain about 80 percent of
Brazil’s known reserves (estimated at 13.15 billion barrels in 2014). In 2007,
the national oil company Petrobras announced that it had found an enor-
The Economy: Powerhouse Potential
31
Gross domestic product (GDP*):
$2.416 tril-
lion (purchasing power parity)
GDP per capita:
$12,100 (2013
Inflation:
3.6%
Natural resources:
bauxite, gold, iron ore,
manganese, nickel, phosphates, plat-
inum, tin, uranium, petroleum,
hydropower, timber
Agriculture (5.5% of GDP):
coffee,
soybeans, wheat, rice, corn, sugar-
cane, cocoa, citrus, beef
Industry (26.4% of GDP):
textiles, shoes,
chemicals, cement, lumber,
iron ore, tin, steel, aircraft, motor vehi-
cles and parts, other machinery and
equipment
Services (68.1% of GDP):
banks,
transportation and communication
companies; schools, hospitals, and
government agencies; tourism
Foreign trade:
Exports—
$244.8 billion: transport equip-
ment, iron ore, soybeans, footwear,
coffee, autos
Imports—
$241.4 billion: machinery,
electrical and transport equipment,
chemical products, oil, automotive
parts, electronics
Currency exchange rate: 2.70 reals = US $1
(January 2015).
Quick Facts: The Economy of Brazil
* GDP = total value of goods and services produced annually.
All figures are 2013 estimates unless otherwise noted.
Sources: CIA World Factbook 2014; Bloomberg.com