FOR IMMEDIATE RELEASE
Brazil becomes world's seventh biggest economy
11 March 2011
The Brazilian government announced earlier this month that Brazil achieved economic growth of 7.5% during 2010 – the highest rate since 1986, and the fifth highest out of all the G20 countries. As a result it has overtaken Italy to become the world's seventh biggest economy.
According to data from the Brazilian Institute of Geography and Statistics (IBGE) the total annual output of goods and services reached R$3.67 trillion (around US$2.1 trillion, based on the average exchange rate).
The main engine of growth in 2010 was the industrial sector, which expanded by 10.1%, followed by agriculture (6.5%) and services (5.4%).
Finance minister Guido Mantega believes a healthy rate of growth will be maintained over the coming years. 'Brazil's economic growth figures are now settling down after an exceptional recovery from the global financial crisis of 2008 and 2009,' he said. 'We expect GDP to grow around 4.5 to 5 percent in 2011, a rate that would be sustainable and would generate no inflationary pressures.'
Source: Office of the President and Embassy of Brazil in London