The economy of Brazil is supported by diverse economics institutions like SACN, Mercosur and Cairns Group.
The technological area of Brazil consists of the making of airplanes and submarines. Brazil also plays a major role in the field of space research. Brazil is famous for the ethanol that is produced in large amounts in the country. Brazil is the largest country that has car assembling companies within itself. It has also excelled in the field of water oil research and scientific developments in various other fields.
Brazil has a large service sector that comprises 66% of the economy of Brazil. The industrial sector comprises 20% of the total economy of Brazil. Agriculture represents 14% of the Brazil economy.
The labor force in Brazil comprises the majority of the Brazil economy.
Brazil Industry is developing at a fast pace and is enhancing the financial status of the country. Major Brazil Industry is said to be the iron and steel production, chemicals production, petroleum processing, automobile assembly and cement making. With the course of time Brazil Industry is becoming mostly dependent on technology, but still that technological advancement have not been able to occupy the traditional industries.
In 1973, the highest industrial growth was gained when the manufacturing sector developed by 15.8%. According to the Brazilian Statistical Institute, IBGE, manufacturing reached an annual average of 0.7% between 1988 and 1998 whereas manufacturing expanded from 2.6% growth in the third quarter of 2002 to 6.6% in the fourth quarter. In 2002 construction industry flourished a lot.
In 1969, 3.7 million tons of crude steel had been produced, in 1998 the total output of processed ore reached to 190 million tons. Production exceeded domestic needs, which are really a good sign of economic growth for all countries. The major negative factor is lack of domestic soft coal. Companhia Vale do Rio Doce is probably the biggest mining company of Brazil. It produces around 23% of the mineral output of the whole country.
Apart from this, the motor vehicle production is considered to be the industrial backbone of Brazil Industry. On the other hand, the automobile industry is expanding rapidly with the aid of foreign investment.
Banco do Brasil
Banco do Brasil is the name of the most important bank in Brazil. It is the bank where the major dealings of the country take place. The headquarter of the Banco do Brasil is situated in Brasilia. The Banco do Brasil is considered to be the oldest bank of the Latin America. The Banco do Brasil falls under the domain of the government of Brazil. The Banco do Brasil however follows the international standard of banking and it deals in the stock exchange of Sao Paulo. It is one of the banks that earn maximum profit throughout the year.
The other banks in Brazil that are Bradesco, Itau, Banco and Unibanco come just after the Banco do Brasil. It is the pioneer in the field of retail banking in Brazil.
The Banco do Brasil deals with various government and private sectors of banking. It is one of the most important banks that takes care of the economy and commerce of Brazil. The Banco do Brasil provides a wide range of facilities to its customers. Some of them are as follows:
- Bill payment services for the customers.
- ATM services
- ATM loans
- Multiple savings accounts
- Packages for checking the accounts.
- Accounts for investment.
- Provision of applying for international credit and debit cards.
- Varied range of loans.
- Facility of automatic payment.
- Deposits o the other accounts in he banks of Brazil.
- Account-to-account transfers.
- Provision of loans on credit and debit card accounts.