Brazil overtakes the UK

Discussion in 'Economics' started by Grandluxe, Mar 8, 2012.

  1. Brazil has become the sixth-biggest economy in the world, the country's finance minister has said.

    Brazil 'overtakes UK's economy'

    The Latin American nation's economy grew 2.7% last year, official figures show, more than the UK's 0.8% growth.

    The National Institute of Economic and Social Research (NIESR) and other economic forecasters also said that Brazil had now overtaken the UK.

    The Brazilian economy is now worth $2.5tn (£1.6tn), according to Finance Minister Guido Mantega.

    In 2010, the Brazilian economy was worth $2.09tn, compared with the UK's $2.25tn total output, in current US dollars, according to the International Monetary Fund.

    However, according to NIESR, using the IMF's figures at current exchange rates, Brazil's economy is now $2.52tn and the UK's is $2.48tn.

    The Centre for Economics and Business Research has also said that Brazil's economy has overtaken the UK's.

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