In Brazil, the presidential race began in August in Latin America’s largest economy. A new electoral cycle is underway, with familiar names leading the political contest: Luiz Inácio Lula da Silva, who is seeking reelection for a fourth term; and Flávio Bolsonaro, who is seeking to capitalize on his father’s political legacy. The first round of elections will take place on October 4.

Why the elections matter

Brazil accounts for more than 30% of the region’s GDP. However, it also stands out because it is part of the ideological confrontation currently taking place between the Latin American left and right.

Beyond politics, the country’s economy is heading to the polls with plenty of issues to fuel debate.

Brazil has a labor market with an unemployment rate of just 5.4% and an economy that continues to grow, although at a more moderate pace. At the same time, it faces inflation that remains above the Central Bank’s target and public debt that is already around 82% of GDP.

Brazil at a glance

  • Brazil is the most successful national soccer team in World Cup history, with 5 World Cup titles.
  • It has more than 213 million inhabitants, making it the most populous country in Latin America.
  • It is an economy worth approximately USD $2.3 trillion.
  • It exports more than USD $330 billion worth of goods annually.
  • Nearly 30% of its exports go to China.
  • Just over 10% are destined for the United States.
  • It is the world’s largest producer and exporter of coffee.
  • The Brazilian Amazon accounts for approximately 60% of the total area of the Amazon rainforest.

International expansion into Brazil

The uncertainty over who will lead Latin America’s largest economy will be resolved in the coming months. In the meantime, Auxadi can help you manage your multinational group’s international financial operations, supported by our local experts based in São Paulo.

Expanding your business into Brazil can be managed with the right preparation, and Auxadi is here to simplify your corporate administration across more than 50 jurisdictions.

Autor/a:

Manrique Blen

VP – Head of BD & AM Miami Hub

Can Auxadi help?

Auxadi can become your ideal partner. We offer a one stop shop value added outsourcing services in the areas of accounting and reporting, tax compliance, payroll management and representation services, among others.

Local Knowledge – International Coverage

Founded in 1979, Auxadi is a family-owned business working for multinational corporations, private equity funds and real estate funds. It’s the leading firm in international accounting, tax compliance, payroll, transfer pricing, and corporate legal services management connecting Europe and the Americas with the rest of the world, offering services in 50 countries. Its client list includes many of the top 100 PERE companies. Headquartered in Madrid, with offices in US and further 26 international subsidiaries, Auxadi serves 1,500+ SPVs across 50 jurisdictions.

All information contained in this publication is up to date on 2024. This content has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice.No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this content, and, to the extent permitted by law, AUXADI does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.