Brazil GDP per Capita: Overview and Outlook
Current GDP per Capita
Brazil's GDP per capita currently stands at USD 10,254.87, confirming its status as a major upper-middle-income economy and the largest in Latin America.
Historical Changes in Brazil's GDP per Capita
Brazil's economic performance since 2000 has been a story of a powerful boom, a deep bust, and a recent strong recovery. The first decade of the century, from roughly 2003 to 2011, was a period of high growth. Like other commodity exporters, Brazil rode a wave of high prices for its key exports like iron ore and soybeans, coupled with the discovery of massive pre-salt oil fields. This era saw a significant reduction in poverty, the expansion of the middle class, and a jump in GDP per capita.
However, this was followed by a severe economic crisis in 2015-2016, one of the deepest in the country's history. This recession was triggered by a collapse in commodity prices, but exacerbated by domestic political turmoil, including the "Lava Jato" (Car Wash) corruption scandal, which paralyzed investment. This, coupled with a sharp weakening of the local currency, meant that GDP per capita (measured in USD terms) actually declined in the decade to 2024, despite the strong post-pandemic recovery seen from 2021 onwards.
GDP per Capita Predictions for the Coming Years
Looking ahead, our Consensus is for GDP per capita to rise around 40% from 2025 to 2029. Solid population growth and a booming agribusiness sector will support economic growth, while the real is seen roughly steady against the U.S. dollar going forward.
Want to get concrete forecasts for Brazil's GDP per capita for the coming years? FocusEconomics collects GDP per capita projections out to 2035 from a panel of 28 analysts at the leading national, regional and global forecast institutions. To get in touch with our team for more information, fill in the form here.
Key Factors to Watch
Brazil's long-term trajectory is partly dependent on the establishment of a credible fiscal framework to control government spending and stabilize public debt. The recent approval of a landmark tax reform, aimed at simplifying the country's notoriously complex system, is seen as a step toward improving the business environment and boosting productivity. In the absence of further steps to reduce the debt and fiscal deficit, investors could lose confidence in the currency, weakening GDP per capita in U.S. dollars in turn. Moreover, climate change will be a risk for the agricultural sector, while boosting investment and productivity outside of the competitive agribusiness sector remains a key challenge.
Brazil GDP Per Capita Chart
Note: This chart displays GDP per capita (USD) for Brazil from 2024 to 2023.
Source: Macrobond.
Brazil GDP Per Capita Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| GDP per Capita (USD) | 7,059 | 7,948 | 9,259 | 10,348 | 10,255 |
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Brazilian GDP Per Capita projections for the next ten years from a panel of 28 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP Per Capita forecast available for Brazilian GDP Per Capita.
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