BRICS: a dynamic group dominated by China
As the leaders of BRICS five emerging nations meet in Durban for a summit on Tuesday, economic data shows that the grouping of Brazil, China, India, Russia and South Africa now account for 25% of global GDP and 40% of the world's population.world Updated: Mar 26, 2013 11:31 IST
As the leaders of BRICS five emerging nations meet in Durban for a summit on Tuesday, economic data shows that the grouping of Brazil, China, India, Russia and South Africa now account for 25% of global GDP and 40% of the world's population.
Here are some facts and figures about BRICS:
Boasting the world's second largest economy -- trailing only the United States -- economic power-house China has become the informal leader of the group.
With a gross domestic product (GDP) of $8.25 trillion in 2012, the IMF estimates that the Chinese economy will climb by a whopping 8.2% in 2013.
In 2011, it clinched the No. 1 spot as exporter of goods.
It remains the globe's most-populated country, with 1.34 billion inhabitants.
With a GDP of $2.425 trillion in 2012, Brazil is the world's seventh largest economy. It holds only a modest place in world trade activity, however, and experienced sluggish growth of 1% last year.
The Brazilian economy, with its population of 196 million people, is forecast to grow 3.5% this year.
Ranking ninth on the list of the world's biggest economies, Russia accumulated a GDP of $1.953 billion in 2012, boosted mainly by its gas exports, making it the world's eighth largest exporter.
With a population of 141.9 million, Russia has managed to fend off much of the financial fallout caused by the European debt crisis, and despite experiencing a slight slow-down in economic growth in 2012, its economy is forecast to jump 3.7% in 2013.
Despite its population of 1.24 billion, India remains a smaller player among the world's economies, falling into a 10th place with a GDP worth 1.946 trillion.
After shrinking from 7.9% to 4.5% growth between 2011 and 2012, India's economy is expected to expand 5.9% this year.
Smallest of the BRICS economies is South Africa. Placing 41st world exporters, the country has a GDP of $390 billion and a population of 50.5 million.
Having suffered amid the global financial down-turn, South Africa's economy is forecast to grow by 2.8% this year and by 4.1% next year.
First Published: Mar 26, 2013 11:28 IST