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Brazil's economy overtakes UK's to become 6th largest

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Brazil has become the sixth-biggest economy in the world, the country’s finance minister has said. The nation’s economy grew 2.7% last year, official figures show, more than the UK’s 0.8% growth. The Brazilian economy is now worth $2.5tn (£1.6tn), according to Finance Minister Guido Mantega.

According to him, “It is not important to be the world’s sixth-biggest economy, but to be among the most dynamic economies, and with sustainable growth,”.

About two years ago however, it was different. According to the IMF, the total output from the Brazilian economy was worth $2.09tn, compared with the UK’s $2.25tn total output, in US dollars.

Brazil is currently enjoying an economic boom because of high food and oil prices, which has led to rapid growth. The country is also now the world’s ninth largest oil producer, and the government wishes to ultimately enter the top five.

United States economy is still by far the largest while China’s and Japan’s are second and third respectively. China passed Japan last year.

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