Pará - Economy

Economy

The service sector is the largest component of GDP at 40.9%, followed by the industrial sector at 36.3%. Agriculture represents 22.8% of GDP (2004). Pará exports: iron ore 31.1%, aluminium 22.2%, wood 13.5%, ores of aluminium 8.3%, others ores 7.9% (2002), representing 1.8% of the Brazilian economy (2005).

The mining sector represents 14% of the Gross Domestic Product (GDP) of the State, originated mainly from the extraction of iron, bauxite, manganese, limestone and tin, as well as gold, until recently extracted from one of the largest mines of recent history: Serra Pelada. The economy of Pará is based also on the extraction of vegetation, on agriculture and cattle raising; thanks to the rich soil and the important hydrographic basin – boats are the main means of transport in the region. Guaraná, a tree from which a powder is produced and used as a stimulant; and annato seeds, a fruit used for cooking, as a sunscreen and also for dye extraction. Marajó – the biggest fluvial-maritime island in the world, with an area of 50,000 km2 (19,000 sq mi). Its territory has one of the largest mining areas in the country, located in the Carajás Mountains, a mining province where the Ferro Carajás Project is based, from Companhia Vale do Rio Doce. The complex produced 296 million metric tons of iron ore in 2007, exporting the product to many countries, among them Japan, Germany, Italy, France and Spain.

According to the website for the state's investment promotion agency; Invest Para, the state of Para is expecting US $50 billion in public and private investments into the local economy from 2010-2014. With agribusiness, cosmetics, mining, and tourism as the sectors with highest investment potential as they receive special benefits from the state government.