section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Brazil is a developing country with an upper-middle income mixed market economy that is rich in natural resources. It has the largest national economy in Latin America, the eighth largest economy in the world by nominal GDP, and the eighth largest by PPP. After rapid growth in preceding decades, Brazil entered an ongoing recession in 2014 amid a political corruption scandal and nationwide protests; in 2024, the economy began showing consistent significant growth. Brazil has a labor force of roughly 100 million, which is the world's fifth largest. Its foreign exchange reserves are the tenth-highest in the world. The B3 in São Paulo is the largest stock exchange of Latin America by market capitalization. Roughly one-fifth of Brazilians live in poverty: about 3.8% of the total population lives at $3.00 a day, while about 23% live at $8.30 a day. Brazil's economy suffers from endemic corruption and high income inequality. The Brazilian real is the national currency.
  
  Brazil's diversified economy includes agriculture, industry and a wide range of services. The large service sector accounts for about 72.7% of total GDP, followed by the industrial sector (20.7%), while the agriculture sector is by far the smallest, making up 6.6% of total GDP.
  
  Brazil is one of the largest producers of various agricultural commodities, and also has a large cooperative sector that provides 50% of the food in the country. It has been the world's largest producer of coffee for the last 150 years and is the world's largest producer of sugarcane, soy, coffee and oranges; is one of the top fve producers of maize, cotton, lemon, tobacco, pineapple, banana, beans, coconut, watermelon and papaya; and is one of the top 10 world producers of cocoa, cashew, mango, rice, tomato, sorghum, tangerine, avocado, persimmon, and guava, among others. Regarding livestock, it is one of the five largest producers of chicken meat, beef, pork and cow's milk in the world.
  
  In the mining sector, Brazil is among the largest producers of iron ore, copper, gold, bauxite, manganese, tin, niobium, and nickel. In terms of precious stones, Brazil is the world's largest producer of amethyst, topaz, agate and one of the main producers of tourmaline, emerald, aquamarine, garnet and opal. The country is a major exporter of soy, iron ore, pulp (cellulose), maize, beef, chicken meat, soybean meal, sugar, coffee, tobacco, cotton, orange juice, footwear, airplanes, cars, vehicle parts, gold, ethanol and semi-finished iron, among other products.
  
  Brazil is the world's 24th-largest exporter and 26th-largest importer as of 2021. China is its largest trading partner, accounting for 32% of the total trade. Other large trading partners include the United States, Argentina, the Netherlands and Canada. Its automotive industry is the eighth-largest in the world. In the food industry, Brazil was the second-largest exporter of processed foods in the world in 2019. The country was the second-largest producer of pulp in the world and the eighth-largest producer of paper in 2016. In the footwear industry, Brazil was the fourth-largest producer in 2019. It was also the ninth-largest producer of steel in the world. In 2018, the chemical industry of Brazil was the eighth-largest in the world. Although it was among the five largest world producers in 2013, Brazil's textile industry is very little integrated into world trade.
  
  The tertiary sector (trade and services) represented 75.8% of the country's GDP in 2018, according to the IBGE. The service sector was responsible for 60% of GDP and trade for 13%. It covers commerce, transport, education, social and health services, research and development, sports activities, etc. Micro and small businesses represent 30% of the country's GDP. In the commercial sector they represent 53% of the GDP within the activities of the sector.