Brazil’s past high inflation period has ended thanks to sound governance. Projected economic growth has provided stability to an economy that experienced hyperinflation up until the early 1990s. Since 2007, inflation remained between 3% and 7%, while interest rates ranged between 8.75% and 13.00%. Since July 2011 Banco Central do Brasil, Brazil’s Central Bank, lowered the benchmark rate 3 times for a total of 150 basis points. Current inflation is approximately 6% while the benchmark interest rate is approximately 11%.

巴西以前曾经历严重通货膨胀时期，后来在成熟的治理之下通货膨胀已经结束。预期经济增长给这一曾经历恶性通货膨胀直至20世纪90年代初才结束的经济体带来了稳定。自2007年，巴西通货膨胀率保持在3%到7%之间，而利率则维持在8.75%到13.00%之间。自2011年7月，巴西中央银行（Banco Central do Brasil）三次降低基准利率，总共调低150个基点。当前的通货膨胀率大约是6%，而基准利率大约是11%。

 

Interest Rate: Declining Trend with Inflation at Low Levels

利率：随着通货膨胀率的降低也降至较低水平

 

基准利率                       通货膨胀率

Source: Brazilian Central Bank.

数据来源：巴西中央银行

 

As a result of these positive developments, investor confidence improved significantly. Shortly after becoming a net foreign creditor in early 2008, Standard & Poor’s and other major credit rating agencies rated the country investment-grade.

因这些正面的发展趋势，投资者信心显著增强。在2008年初巴西成为净债权国后不久，标准普尔以及其它主要的信用评级机构将其评为投资级国家。

 

2.1.3 Currency

2.1.3 货币

 

Over the last 10 years, the BRL / USD exchange rate fluctuated between BRL 1.53 to BRL 3.95 with an average rate of BRL 2.27 / USD. Currently, the Brazilian Real is relatively strong at approximately BRL 1.72 / USD with a strengthening trend.

在过去十年，巴西雷亚尔/美元汇率在美元对雷亚尔1.53到3.95之间浮动，平均值为2.27。当前，雷亚尔相对强势，美国与其的汇率大约为1.72，且有增强趋势。

 

Brazilian Real per US Dollar (1)

巴西雷亚尔/美元（1）

 

巴西雷亚尔/美元

Source: Factset.

数据来源：Factset.

(1)   From 14 February 2002 to 14 February 2012. 

（1）从2002年2月14日到2012年2月14日

 

2.1.4 Demographics

2.1.4 人口统计学特征

 

Brazil is the largest country in South America and the 5th largest in the world by geographic area and by population. With a total area greater than 8.5 MM km2, it’s smaller than Russia, Canada, China and United States, but larger than Australia. There are more than 192 MM inhabitants in Brazil, fewer only than China, India, United States and Indonesia.

按国土面积和人口衡量，巴西是南美洲最大的国家，也是全球第五大国家。其总国土面积超过850万平方公里，仅次于俄罗斯、加拿大、中国和美国，而大于澳大利亚。巴西人口超过1.92亿，仅次于中国、印度、美国和印度尼西亚。

 

Approximately 85% of the population lives in urban areas with a heavy concentration in the Southeast (80 MM inhabitants) and Northeast (54 MM inhabitants). The two most extensive regions, the Central-West and North, comprise more than 64% of the territory, yet have only 29 MM inhabitants. In order to promote regional development, the government provides economic incentives, such as tax holidays, to investments in these areas.

近85%的人口居住在城市区域，且高度集中在东南部和东北部（人口分别为8000万和5400万）。面积最大的两个地区，中西部和北部，面积超过总国土面积的64%，但仅有2900万人口。为促进区域发展，政府提供税赋优惠期等各种经济激励促进这些地区的投资。

 

The population of S?o Paulo's metropolitan area is approximately 20 MM people and Rio de Janeiro is approximately 13 MM. Including S?o Paulo and Rio de Janeiro, Brazil has 9 cities with a metropolitan population greater than 3 MM inhabitants:  Belo Horizonte (MG), Porto Alegre (RS), Salvador (BA), Recife (PE), Fortaleza (CE), Brasília (DF) and Curitiba (PR).

圣保罗都市区的人口近2000万，而里约热内卢的人口则接近1300万。包括圣保罗市和里约热内卢在内，巴西有9个人口超过300万的城市，分别是贝洛奥里藏特（米纳斯吉拉斯州）、阿雷格里港（南里奥格兰德州）、萨尔瓦多（巴伊亚州）、累西腓（伯南布哥州）、福塔雷萨（塞阿拉州）、巴西利亚（巴西联邦区）和库里蒂巴（巴拉那州）。