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 address: Unit 3500, APO AA 34030 telephone: [55] (61) 312-7000 FAX: [55] (61) 225-9136 consulate(s) general: Rio de Janeiro, Sao Paulo 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 markets 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. The consequent devaluation helped
moderate the downturn in economic growth in 1999, and the country
posted moderate GDP growth in 2000. Economic growth slowed
considerably in 2001-03 - 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. New president DA SILVA, who took
office 1 January 2003, has given priority to reforming the complex
tax code, trimming the overblown civil service pension system, and
continuing the fight against inflation.
GDP:
purchasing power parity - $1.376 trillion (2002 est.)
GDP - real growth rate:
1.5% (2002 est.)
GDP - per capita:
purchasing power parity - $7,600 (2002 est.)
GDP - composition by sector: agriculture: 8% industry: 36% services: 56% (2001 est.)
Population below poverty line: 22% (1998 est.)
Household income or consumption by percentage share: lowest 10%: 0.7% highest 10%: 48% (1998)