Brazil is an urban country with a large population, not the sparsely inhabited and predominantly rural one it was a generation ago. This demographic explosion has been accompanied by rapid, relatively sustained, and industry-led expansion of the economy. The long-run growth of Brazilian industry demonstrates dynamism and staying power. Sustained growth has brought in its wake deep changes in the relative importance of agriculture, industry, and services—with the latter two coming to overshadow the long-dominant agrarian sector. The foundation of Brazils heavy industry is metallurgical, especially steel. Through the 1960s Brazil had no significant beginnings of a petrochemical industry, a situation requiring expensive imports. Brazil’s industrialization has not only made possible a manyfold increase in ex-ports—surpassing $45 billion a year—but has also greatly reduced the country's import needs. The Brazilian financial system has evolved greatly in size and complexity during the second post-World War period.