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Brazil has become the sixth-biggest economy in the world, the country's finance minister has said. The Latin American nation's economy grew 2.7% last year, official figures show, more than the UK's 0.8% growth. The National Institute of Economic and Social Research (NIESR) and other economic forecasters also said that Brazil had now overtaken the UK. The Brazilian economy is now worth $2.5tn (£1.6tn), according to Finance Minister Guido Mantega.
But Mr Mantega was keen to play down the symbolic transition - which comes after China officially overtook Japan as the world's second-biggest economy last year. "It is not important to be the world's sixth-biggest economy, but to be among the most dynamic economies, and with sustainable growth," he said. Brazil is enjoying an economic boom because of high food and oil prices, which has led to rapid growth.
In 2010, the Brazilian economy was worth $2.09tn, compared with the UK's $2.25tn total output, in current US dollars, according to the International Monetary Fund. However, according to NIESR, using the IMF's figures at current exchange rates, Brazil's economy is now $2.52tn and the UK's is $2.48tn. The larger increase in the nominal size of both economies is explained by domestic inflation.
The Centre for Economics and Business Research has also said that Brazil's economy has overtaken the UK's. A UK Treasury spokesman said: "Strong economic growth and large populations in the big emerging economies mean that some will catch up with advanced economies like the UK. This shows why the government is right to place high importance on its economic ties with large emerging economies."
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