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On the international agenda... Brazil overtakes UK to become world’s 6th largest economy
Thanks in part to high food and oil prices, Brazil has now overtaken the United Kingdom to become the world’s 6th largest economy behind the US, China, Japan,
Germany and France. Figures from the April 2012 edition of the IMF’s World Economic Outlook show the value of the Brazilian economy (GDP, current prices) at an estimated
US$2492.91 billion in 2011 compared with the UK’s estimated $2417.57 billion.
Brazilians have already seen a huge rise in their GDP over the last 10 years and this looks likely to continue with the value of the economy set to almost double from
2008 at $1650.392 billion (GDP, current prices) to an estimated $3267.904 billion in 2017. In the UK, growth over the same 10 year period is estimated at 19%.
Bibliographic citation: International Monetary Fund (2012): World Economic Outlook (Edition: April 2012). ESDS International, University of Manchester. DOI: http://dx.doi.org/10.5257/imf/weo/2012_04
However, with a population three times that of the UK, and one of the worst income distributions in the world Brazilians are fully aware that GDP is not the only measure
that matters and that there is a long way to go to reach a similar standard of living. The per capita income in 2011 of Brazilians was $12,788.56, less than a third of that
of the UK's inhabitants.
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