According to the CIA World Factbook, Brazil has steadily improved its macroeconomic stability, building up foreign reserves, and reducing its debt. In 2008, Brazil became a net external creditor and two ratings agencies awarded investment grade status to its debt. After record growth in 2007 and 2008, the onset of the global financial crisis hit Brazil in September 2008. Brazil experienced two quarters of recession when global demand for Brazil's commodity-based exports dwindled and external credit dried up.
However, Brazil was one of the first emerging markets to begin a recovery. By exploiting its vast natural resources and its large labor pool, Brazil is South America's largest economy and one of the fastest to recover after the global economic downturn. The CIA reports the following data about Brazil's economy for the year 2010:
. GDP was estimated to be $2.17 trillion USD
. Real GDP growth was estimated to be 7.5%
. GDP per capita was estimated to be $10,800
. The labor force was estimated to be 103.6 million
. The unemployment rate was estimated to be 7%
. 26% of the population lived below the poverty line
. The inflation rate was estimated by the CIA to be 4.9%
. The industrial production growth rate was 11.5%
. The current account balance was $-53.73 billion USD
. Brazil imported $187.7 billion in goods
. Brazil exported $199.7 billion in goods
. Major categories of imports included machinery, electrical and transport equipment, chemical products, oil, automotive parts, electronics
. Brazil's primary importing partners are in descending order the USA, China, Argentina, Germany and Japan
. Major categories of exports included transport equipment, iron ore, soybeans, footwear, coffee, autos
. Its primary exporting partners are in descending order Chi
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