AN ASSESSMENT OF BRAZIL’S GDP PER SECTOR
The economy of Brazil has always been included on top of the list, and has recently ranked 7th place with a GDP of 2.346 trillion. However, despite its normally fast growth, it is currently experiencing declines brought about by several issues including corruption, which has dented investor confidence and soured the investment atmosphere in the nation. Aside from these, further burdens are caused by low commodity prices, flat demand, and a drop in production, which resulted to an account deficit of 4.2% in 2014 from a previous 2.1%.
Developments in this country had been plagued by fluctuations with cycles of gains, slowdown, and slumps which is the reason for its meager average growth rate of 2.8% in a span of 35 years. Despite this, the achievement of the state is undeniable, as it had effectively reduced the level of poverty and inequality. Moreover, majority of its GDP is comprised by its services department, which accounts for 71% of the total figure. Other sectors, such as agriculture and industry, are responsible for 5.6%, and 23.4%, respectively.
From being an importer of food, Brazil has transformed remarkably to one of the biggest sellers of agricultural goods. Regardless of the statistics it represent, the importance of this division has been manifested through its support of the agribusiness, which also make up for a good part of both exports and GDP. This sector is also widely diversified with the help of technology and research coupled with government funding and policies. It now provides employment for about 20% of the total labor force.
The industrial department of the country is known for being well developed. It has reached its highest point during the popularity of import substitution, which focused on importing durable and nondurable items. Following this period were several programs designed to heighten the advancement of this division. Among the most popular industries are petroleum, steel, chemical, and automotive production. A big contributor for its continuous development can be pointed out to the availability of affordable labor and wide resources of raw materials. It provides jobs as well to 15% of the workforce, wherein manufacturing is a significant field.
This division is responsible for around half of the total GDP of the state, taking up the declining shares of the first two areas over the years. It has also evolved into sub-sectors such as BPO, financial services, and hospitality. Out of these, the most important is the finance area, especially since banks have been showing stability after a crisis and provides most of the funding needed by the other industries. The services department currently employs 70% of the working population, specializing in various departments.
At present, the nation is going through some difficulties, after a series of contractions. It is now seeking to implement reforms centered on lifting productivity and competition, plus urging an inflow of investment.
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