Diplomatic representation from the US: chief of mission: Ambassador
Donna J. HRINAK embassy: Avenida das Nacoes, Quadra 801, Lote 3, Distrito
Federal Cep 70403-900, Brasilia mailing
[55] (061) 321-7272 FAX: consulate(s): Recife
Flag description: green with a large yellow diamond in the center bearing a blue celestial globe with 27 white five-pointed stars (one for each state and the Federal District) arranged in the same pattern as the night sky over Brazil; the globe has a white equatorial band with the motto ORDEM E PROGRESSO (Order and Progress)
Economy Brazil
Economy - overview: Possessing large and well-developed agricultural, mining, manufacturing, and service sectors, Brazil's economy outweighs that of all other South American countries and is expanding its presence in world markets. The maintenance of large current account deficits via capital account surpluses became problematic as investors became more risk averse to emerging market exposure as a consequence of the Asian financial crisis in 1997 and the Russian bond default in August 1998. After crafting a fiscal adjustment program and pledging progress on structural reform, Brazil received a $41.5 billion IMF-led international support program in November 1998. In January 1999, the Brazilian Central Bank announced that the real would no longer be pegged to the US dollar. This devaluation helped moderate the downturn in economic growth in 1999 that investors had expressed concerns about over the summer of 1998, and the country posted moderate GDP growth. Economic growth slowed considerably in 2001 - to less than 2% - because of a slowdown in major markets and the hiking of interest rates by the Central Bank to combat inflationary pressures. Investor confidence was strong at yearend 2001, in part because of the strong recovery in the trade balance.
GDP: purchasing power parity - $1.34 trillion (2001 est.)
GDP - real growth rate: 1.9% (2001 est.)
GDP - per capita: purchasing power parity - $7,400 (2000 est.)
GDP - composition by sector: agriculture: 9% industry: 32% services: 59% (2000 est.)
Population below poverty line: 22% (1998 est.)
Household income or consumption by percentage share: lowest 10%: 1% highest 10%: 46.7% (1997)