BrazilChapters
With a population over 205 million people in 2024, Brazil is not only by far the largest and most populous country in South America but also boasts the largest economy in Latin America and the 8th largest worldwide (GDP over $2 trillion, 2024).
Historically known for its vast natural resources, Brazil has increasingly shifted its focus toward innovation-driven industries in recent years. In 2024, the country unveiled a new industrial policy aimed at accelerating technological development, enhancing competitiveness, and fostering sustainability. This ambitious strategy is fueled by a $60 billion investment commitment through 2026. Additionally, the government’s strong support for innovation is evident in its allocation of $4 billion specifically for AI-related business projects.
As Brazil embraces both technological and sustainable growth, its evolving industrial landscape offers significant opportunities for businesses in key sectors such as new technologies/AI, fintech, cleantech/energy, and healthtech, all of which are becoming critical drivers of the economy. With strategic investments and forward-thinking policies, the country is creating an environment favorable to innovation and expansion across a wide range of industries.
Source: Multiple sources (IMF, World Bank, the CIA World Factbook)
Key indicators
- Area
- 8,515,770 km2
- Population
- 205.38 million (IMF, 2024)
- Government type
- federal presidential republic
- Languages
- Portuguese (official and most widely spoken language)
- GDP
- $2.173 trillion (2023, current US$)
- Growth rate
- 2,9% (2023)
- HDI
- 89
- Capital
- Brasilia
Macroeconomic indicators
Real GDP is projected to grow by 2.1% in 2024 and 2.1% in 2025. Sustained by robust employment growth, minimum wage increases and diminishing inflation, household spending is expected to be the main engine of growth. Despite recent signs of a rebound, continued external uncertainty will keep private investment subdued throughout 2024. Inflation, which declined continuously throughout 2023, is projected to continue to converge towards the target during 2024 and 2025. Monetary policy easing is expected to continue throughout 2024 amid declining inflation. Fiscal policy remains supportive but is set to consolidate in 2024 to achieve the primary target required by the new fiscal framework. The recently approved value-added tax reform has the potential to boost firm productivity and potential growth.
Source: OECD Economic Outlook - Brazil
IFM Statistics:
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
4.763 |
3.017 |
2.908 |
2.154 |
2.123 |
|
Gross domestic product, current prices Percent change (Billions) |
1,670.650 |
1,951.849 |
2,173.671 |
2,331.391 |
2,437.906 |
|
Gross domestic product per capita, current prices Percent change (Units) |
8,269.709 |
9,612.062 |
10,642.437 |
11,351.871 |
11,808.697 |
|
Inflation, average consumer prices Percent change (Units) |
8.302 |
9.280 |
4.594 |
4.113 |
3.039 |
|
Volume of imports of goods and services Percent change (Units) |
17.367 |
0.389 |
-3.278 |
0.116 |
1.740 |
|
Volume of exports of goods and services Percent change (Units) |
2.283 |
6.133 |
9.363 |
3.021 |
4.071 |
|
Unemployment rate Percent change (Units) |
13.200 |
9.250 |
7.975 |
8.032 |
7.884 |
|
Current account balance Percent change (Billions) |
-46.358 |
-48.253 |
-28.616 |
-31.902 |
-35.740 |
|
Current account balance Percent change (Units) |
-2.775 |
-2.472 |
-1.316 |
-1.368 |
-1.466 |
Estimates
Source: IMF Statistics
Relationships with Luxembourg
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 08.11.1978 (Memorial 1980, A No.15, p.212)
- Effective as of 01.01.1981 (Memorial 1980, A No.15, p.212)
Air Services agreement
None
Further information
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of Statec.
Contact points in Brazil
Embassy of the Grand-Duchy of Luxembourg in Brazil
Ambassador: Mrs Béatrice Kirsch
SHIS QL 12, conjunto 5, casa 18
Lago Sul
71630-255 Brasília/DF .
Brazil
Tel.: (+55) 61 3551 7741
E-Mail: brasilia.amb@mae.etat.lu
Website: brasilia.mae.lu
Honorary consuls
Belo Horizonte
Mr Paulo Henrique PINHEIRO DE VASCONCELOS
Honorary Consul with jurisdiction over the States of Minas Gerais and Espirito Santo
Rua Kepler 441
sl8 - Bairro Santa Luzia
30360-240 - Belo Horizonte, MG
Brazil
Tel.: (+55) (31) 3503 1890
Email: belohorizonte@consul-hon.lu
Curitiba
Ms Andréa Menezes VIANNA
Honorary Consul with jurisdiction over the State of Paraná
Rua Benjamin Lins, 999 – Batel
80420-100 - Curitiba, PR
Brazil
Tel.: +55 41 3527-9615
Email: curitiba@consul-hon.lu
Fortaleza
Mr Antônio Henrique BARBOSA DE VASCONCELOS
Honorary Consul with jurisdiction over the State of Ceará
Rua General Tertuliano Potiguara, 1064 2. Andar CEP 60.177-050
Fortaleza – CE
Brazil
Tel.: +55 (85) 99420 5452
Email: fortaleza@consul-hon.lu
Manaus
Mr Bernardino José MARQUES Junior
Honorary Consul with jurisdiction over the States of Amazonas and Roraima
Av. Carvalho Leal, 1688
Cachoeirinha, Manaus-AM
CEP: 69065-000
Brazil
Tel.: +55 92 2121-2525
Email: manaus@consul-hon.lu
Palhoça
Ms Karen Francesca SCHWINDEN
Honorary Consul with jurisdiction over the State of Santa Catarina
Rua José Maria da Luz, n2827, sala 8 - Centro
88131-000 - Palhoça, SC
Brazil
Tél.: +55 (48) 3374-7801
Email: palhoca@consul-hon.lu
Porto Alegre
Ms Tania BIAN
Honorary Consul with jurisdiction over the State of Rio Grande do Sul:
Rua Barão do Triunfo
576/201 - Azenha
90130-100 -Porto Alegre, RS
Brazil
Tel.: +55 (51) 3217-0991
Email: portoalegre@consul-hon.lu
Recife
Mr Tiago LIMA CARNEIRO
Honorary Consul with jurisdiction over the States of Paraìba and Pernambuco:
Avenido Agamenon Magalhães, 1470, sala 301- Torreão
52030 – 210 Recife
Pernambuco – Brazil
Tel.: + 55 81 309 71936
Email: recife@consul-hon.lu
Rio de Janeiro
Ms Marie Christiane H. MEYERS
Honorary Consul with jurisdiction over the State of Rio de Janeiro:
Rua Francisco Otaviano 87, apt. 203
22080-040 Rio de Janeiro, RJ
Brazil
Tel.: (+55) 21 25 21 78 35
Email: riodejaneiro@consul-hon.lu
São Paulo
Mr Pierre Emile Reuter
Honorary Consul with jurisdiction over the State of São Paulo
Rua do Chá 21 apto 31
05688-080 Vila Morumbi, São Paulo
Brazil
Tel.: (+55) (11) 2789 0727
Email: saopaulo@consul-hon.lu
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for Brazil
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office - Country Risk for Brazil
Other useful links
- CIA World factbook on Brazil
- Apex Brasil: Brazilian Trade and Investment Promotion Agency
- European Commission The Latin America IPR SME Helpdesk
- Awex – Wallonia Export & Investment Brazil
- Invest- export hub.Brussels Brazil
- World Bank Doing Business in Brazil
- The European Union and Brazil – Trade Relations