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1994-05-02
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<text>
<title>
Brazil: Economy
</title>
<article><hdr>The World Factbook 1993: Brazil
Economy</hdr><body>
<p>Overview: The economy, with large agrarian, mining, and
manufacturing sectors, entered the 1990s with declining real
growth, runaway inflation, an unserviceable foreign debt of $122
billion, and a lack of policy direction. In addition, the
economy remained highly regulated, inward-looking, and protected
by substantial trade and investment barriers. Ownership of major
industrial and mining facilities is divided among private
interests - including several multinationals - and the
government. Most large agricultural holdings are private, with
the government channeling financing to this sector. Conflicts
between large landholders and landless peasants have produced
intermittent violence. The COLLOR government, which assumed
office in March 1990, launched an ambitious reform program that
sought to modernize and reinvigorate the economy by stabilizing
prices, deregulating the economy, and opening it to increased
foreign competition. The government also obtained an IMF standby
loan in January 1992 and reached agreements with commercial
bankers on the repayment of interest arrears and on the
reduction of debt and debt service payments. Galloping inflation
- the rate doubled in 1992 - continues to undermine economic
stability. Itamar FRANCO, who assumed the presidency following
President COLLOR'S resignation in December 1992, has promised to
support the basic premises of COLLOR'S reform program but has
yet to define clearly his economic policies. Brazil's natural
resources remain a major, long-term economic strength.
</p>
<p>National product: GDP - exchange rate conversion - $369
billion (1992)
</p>
<p>National product real growth rate: -0.2% (1992)
</p>
<p>National product per capita: $2,350 (1992)
</p>
<p>Inflation rate (consumer prices): 1,174% (1992)
</p>
<p>Unemployment rate: 5.9% (1992)
</p>
<p>Budget: revenues $164.3 billion; expenditures $170.6 billion,
including capital expenditures of $32.9 billion (1990)
</p>
<list>
<l>Exports: $35.0 billion (1992)</l>
<l> commodities: iron ore, soybean bran, orange juice, footwear,
coffee, motor vehicle parts</l>
<l> partners: EC 32.3%, US 20.3%, Latin America 11.6%, Japan 9%
(1991)</l>
<l>Imports: $20.0 billion (1992)</l>
<l> commodities: crude oil, capital goods, chemical products,
foodstuffs, coal</l>
<l> partners: Middle East 12.4%, US 23.5%, EC 21.8%, Latin
America 18.8%, Japan 6% (1991)</l>
</list>
<p>External debt: $123.3 billion (December 1992)
</p>
<p>Industrial production: growth rate -3.8% (1992); accounts for
39% of GDP
</p>
<p>Electricity: 63,765,000 kW capacity; 242,184 million kWh
produced, 1,531 kWh per capita (1992)
</p>
<p>Industries: textiles and other consumer goods, shoes,
chemicals, cement, lumber, iron ore, steel, motor vehicles and
auto parts, metalworking, capital goods, tin
</p>
<p>Agriculture: accounts for 11% of GDP; world's largest producer
and exporter of coffee and orange juice concentrate and second-
largest exporter of soybeans; other products - rice, corn,
sugarcane, cocoa, beef; self-sufficient in food, except for
wheat
</p>
<p>Illicit drugs: illicit producer of cannabis and coca, mostly
for domestic consumption; government has a modest eradication
program to control cannabis and coca cultivation; important
transshipment country for Bolivian and Colombian cocaine headed
for the US and Europe
</p>
<p>Economic aid: US commitments, including Ex-Im (FY70-89), $2.5
billion; Western (non-US) countries, ODA and OOF bilateral
commitments (1970-89), $10.2 million; OPEC bilateral aid
(1979-89), $284 million; former Communist countries (1970-89),
$1.3 billion
</p>
<p>Currency: 1 cruzeiro (Cr$)=100 centavos
</p>
<p>Exchange rates: cruzeiros (Cr$) per US$1 - 13,827.06 (January
1993), 4,506.45 (1992), 406.61 (1991), 68.300 (1990), 2.834
(1989), 0.26238 (1988)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>