Brazil to become seventh largest economy

20 Oct 2010

According to recent data from a report by the International Monetary Fund (IMF) Brazil is expected to surpass Italy in 2011 as the seventh largest economy in the world, will likely keep that rank until at least 2015.

Brazil's current economy makes it already larger than both Russia and India, with a GDP of US$2 trillion, and along with China they are grouped in the so-called "BRIC" group of major emerging market players, and the IMF predicts that Brazil's GDP will likely grow to US$2.2 trillion next year, and will continue to rise to US$2.8 trillion by 2015.

Automobile production alone is expected to grow 13.1 percent this year and Brazilian car exports continue to recover.

Anfavea, Brazil's National Association of Motor Vehicle Manufacturers has upped its forecast to 750,000 exports this year from its original estimate of 620,000 of unassembled vehicles with revenue expected to total US$12.8 billion. Furthermore, car exports were 76 percent higher in the first three quarters of this year than the same time last year, and totaled 569,524. Still though, exports have declined as a percentage of overall sales, while imports are progressively climbing.

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