FACTBOX-Key points about Brazil and its economy

June 10 (Reuters) - Brazil's economy has gained importance in recent years as it has grown at its fastest pace in decades, earning it a spot in the so-called BRICs club of emerging powers with Russia, India and China. The group will meet next week to discuss the world economic crisis, the role of the U.S. dollar as a reserve currency, and ways to reform global financial institutions.

Here are some key facts about Brazil and its economy, the largest in Latin America.

* In 2008, its gross domestic product totaled $2 trillion, based on purchasing power parity, putting it among the world's top 10 economies.

* After expanding 5.1 percent in 2008, the economy is expected to contract 0.71 percent this year, according to the latest central bank survey of local financial institutions.

* With a population of 190 million, Brazil is the world's fourth-largest democracy.

* An agricultural powerhouse, Brazil is the world's leading exporter of coffee, sugar, orange juice, beef and chicken. It is also the second-largest exporter of soy after the United States.

* A pioneer in the use of biofuels, Brazil is the world's top exporter of ethanol, which it makes from sugar cane. Almost 90 percent of all new cars in the country are equipped with flex-fuel engines, which run on any mix of ethanol and gasoline.

* Recent discoveries of massive, deep-sea oil reserves off its southeastern coast are likely to double Brazil's crude output to 4 million barrels per day by 2020, which would thrust it into the world's top 10 oil exporters.

* Its net public debt is equivalent to 38 percent of GDP, down from 50 percent in 2003. Brazil paid off its debt to the International Monetary Fund in 2005 and won a long-sought investment grade credit rating in 2008.

* Brazilian exports totaled $198 billion in 2008, outpacing imports of $178 billion.

* Its main trading partners are the European Union, China, the United States and Argentina.

* Brazil is the only BRICs country that does not possess nuclear arms, though it does have the ability to enrich uranium. (Reporting by Raymond Colitt and Natuza Nery; Editing by Leslie Adler)