Along with the rapid expansion of its economy in the past decade, Brazil has expanded various sectors of its economy, such as the industrial sector, which is the second biggest in the Americas. The rapid expansion of the services industry has helped to bring down the nation's unemployment rate for the past 5 years.
Brazil is the 9th largest oil producer in the world with a production of 2.57 million barrels per day. Petrobas, a semi-government owned oil company, is the 8th biggest company in the world, and is responsible for the nation's overall oil production.
Brazil's Industry Sectors
Agriculture in Brazil is well diversified, and the country is the largest producer of sugarcane, coffee, tropical fruits, frozen concentrated orange juice (FCOJ). Brazil's agriculture is also important for the production of soybeans, corn, cotton, cocoa, tobacco and forest products. Agriculture contributes to 6.1 percent of the country's total GDP in 2010, and employs 20 percent of its total labour force.
Brazil has the largest cattle herd in the world, with 207.5 millions of cattle in 2009, over 50 percent larger than that of the US. The increase in production of the country's livestock and crops leads to the rise of deforestation and land clearing in the country. These activities results in producing 75 percent of Brazil's total emissions of greenhouse gases, and make the country one of the top world greenhouse gas(GHG) emitters.
Brazil also has a diverse and well-developed industry, regarded as one of the most advanced industry in Latin America. It covers the automobile and parts, machinery and equipment, textiles, cement, computers, aircrafts, steel and petrochemicals, and consumer durables. The industry contributes 26.4 percent of the nation's total GDP, and employs 14 percent of its total labour force.
Brazil is also one of the world's leading producers of hydroelectric power, and hydropower accounts for 69 percent of the country's total electricity generation. Nuclear energy contributes to 4 percent of Brazil's electricity. The country currently has 2 nuclear power plant, Angra I and Angra II. Plans and work is on the way for the third plant, Angra III.
Brazil has an expanding services industry and it contributes about 67.5 percent of the nation's total GDP, and employs about 66 percent of the total labour force. Brazil has a well-developed services sector, with major industries including telecommunications, banking, energy, commerce and computing sectors.
Brazil's banking industry is financially strong and attracted huge inflow of foreign investment, with a strong national currency, and boast one of the highest interest rate in the world. Two of the largest banks in Brazil are government owned, but US and other foreign banks do have an a significant share of the financial market.