<article><p class="lead">Brazil's gross domestic product (GDP) is expected to grow by an average of 3pc/yr from 2027-2031, according to public energy planning company EPE. </p><p>Per capita GDP will reach $20,600 in 2031, according to estimates published by EPE. This estimate is used by the Brazilian government for planning in the energy and power sectors.</p><p>The industrial sector will lead the GDP growth from 2027-31, expanding annually by 3.2pc average. It will be followed by the service sector with 3.1pc average growth and agricultural sector with 2.8pc average growth.</p><p>From 2022-26 EPE foresees a 2.9pc average yearly growth in Brazilian GDP, driven by industrial sector activities, recovering slowly from the Covid-19 pandemic and slump last year. In the medium term, EPE's scenario-based model shows increased economic stability, which will allow for faster growth for industry and services activities. </p><p>Among industry sectors where more intense economic growth is expected, EPE foresees "strong expansion" from 2027-31 in the extractive industries, with incremental international demand for Brazilian iron ore.</p><p>"Stronger domestic demand and investments in infrastructure will drive the growth of the construction and transformation industry, including energy-intensive sectors such as metallurgy and the production of cement and other non-metallic mineral products", EPE said in its forecast. </p><p class="bylines">By Flávia Pierry</p></article>
