Brazil Economic News:
Brazil has a moderate free market and export-oriented economy. Measured nominally, its gross domestic product surpasses a trillion dollars, the tenth in the world and the second in the Americas; measured by purchasing power parity, $1.9 trillion, making it the eighth largest economy in the world and the second largest in the Americas, after the United States. In Reais (Brazilian currency), its GDP is estimated at R$2.6 trillion Reais in 2007.
Brazil is a member of diverse economic organizations, such as Mercosul, SACN, G8+5, G20 and the Cairns Group. Its trade partners number in the hundreds, with 80% of exports mostly of manufactured or semi-manufactured goods. Brazil’s main trade partners are: the EU (26% of trade), Mercosur and Latin America (25%), Asia (16%), the United States (14.3%), and others (18.7%).
The owner of a sophisticated technological sector, Brazil develops projects that range from submarines to aircraft and is involved in space research: the country possesses a satellite launching center and was the only country in the Southern Hemisphere to integrate the team responsible for the construction of the International Space Station (ISS). It is also a pioneer in many fields, including ethanol production.
Brazil is also a pioneer in the fields of deep water oil research from where 73% of its reserves are extracted. According to government statistics, Brazil was the first capitalist country to bring together the ten largest car assembly companies inside its national territory.
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