Brazil is the richest country in South America. (Image: Getty)
One of the best ways to measure a country’s wealth is by looking at its overall .
is simply a measure of the total value of goods and services produced in a country over a specific period of time.
Based on that, is the richest country in , followed by , , and .
With a GDP of $2.17 trillion (£1.7trillion) in 2023, Brazil is richer than and combined. for 2023 was billion)estimated at $1.5 trillion (£1.1 billion), while came in at $811 billion (£643 billion).
The is not just the largest in South America – it’s also the third-largest in the Americas, only behind and .
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Brazil had a GDP of $2.17 trillion in 2023. (Image: Getty)
On a global scale, Brazil ranks 8th in the world for GDP, according to the .
Brazil’s economic strength comes from its diverse industries and rich natural resources. Once focused on goods like sugar, gold, and cotton, the country has now transformed into a big industrial force.
It’s one of the world’s largest steel producers and the leading exporter of iron ore, thanks to companies like Gerdau and Vale.
Petrobras, Brazil’s state-controlled oil giant, is also the most valuable company in Latin America.
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Brazil is home to the Amazon rainforest. (Image: Getty)
What’s more, the country leads in agriculture, producing vast amounts of coffee, soybeans, and beef that are exported worldwide.
Between 2000 and 2012, Brazil was one of the world’s fastest-growing economies, with annual GDP growth averaging more than 5%.
Although the country’s economy slowed in 2013 and entered a recession in 2014, Brazil has managed to bounce back.
It began recovering in 2017, officially exiting the recession and slowly returning to growth.
Brazil is one of the world’s largest steel producers. (Image: Getty)
Brazil’s size and natural wealth play a big role in its wealth. It’s home to the Amazon rainforest, immense energy reserves, and a massive workforce.
With a population of over 215 million people, Brazil has a huge domestic market and a rising middle class that drives economic activity.
The country is also an important member of major global organisations like the G20, Mercosur, and the World Trade Organization, and it’s working to become a permanent member of the OECD.