Economy

As a dynamic South American economic power with a mixed economy structure Brazil maintains a GDP per capita of approximately $7,500. Brazil sits among the world's upper-middle-income nations but remains behind neighbors such as Argentina and Uruguay in terms of economic standing. Brazil's economic engine runs on agriculture, mining, manufacturing, and services sectors with major companies Petrobras, Vale, and JBS at the forefront of their fields. Brazil's abundant natural resources power its export industry which mainly consists of soybeans together with iron ore crude petroleum and sugar. Brazil depends on imported machinery, electronics, vehicles, and chemicals to meet the operational demands of its industries and consumer market needs. The services sector benefits from tourism while Brazil remains vulnerable to global price shifts because of its reliance on commodity exports. Volatility in the Brazilian real's exchange rate compared to the dollar has disrupted import expenses and inflation rates. Despite economic progress, Brazil continues to grapple with income inequality and poverty, impacting the quality of life for a considerable portion of its population.