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FACTBOX - BRICS emerging powers grow in global strength
March 26, 2013 / 11:58 AM / in 5 years

FACTBOX - BRICS emerging powers grow in global strength

DURBAN, South Africa (Reuters) - Leaders of the BRICS group of powerful emerging economies meet on Tuesday and Wednesday in the South African city of Durban.

A woman walks past the International Convention Centre where the 5th BRICS Summit will be held, in Durban March 25, 2013. REUTERS/Rogan Ward

The main objective of the heads of state of Brazil, Russia, India, China and South Africa is to establish a development bank to balance the influence of the World Bank and IMF, as well as creating a joint foreign exchange reserve.

Here are a few facts about the BRICS.

* The BRICS countries make up 21 percent of global GDP. They have increased their share of global GDP threefold in the past 15 years.

* The BRICS are home to 43 percent of the world’s population.

* The BRICS countries have combined foreign reserves of an estimated $4.4 trillion.

* Intra-BRICS trade flows reached $282 billion in 2012 and are estimated to reach $500 billion by 2015. In 2002, it was $27.3 billion.

* IMF estimates of GDP per member in 2012, China $8.25 trillion, Brazil $2.43 trillion, Russia and India at $1.95 trillion each, South Africa $390.9 billion.

* Per capita GDP for 2012 was estimated at, China $6,094, Brazil $12,340, Russia $13,765, India $1,592, South Africa $7,636

* Jim O‘Neill, chairman of Goldman Sachs Asset Management, coined the BRIC concept in 2001.

* South Africa was admitted by the other BRIC leaders in December 2010, adding the “S” to the original grouping.

(Sources: BRICS countries and International Monetary Fund)

Reporting by Jon Herskovitz; Editing by Angus MacSwan

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