São Paulo’s GDP grows 5 times faster than Brazil’s in 3 years – Seade
RIO DE JANEIRO, BRAZIL – Governor João Doria announced on Wednesday (26) that São Paulo’s economy grew five times more than Brazil’s, with an accumulated GDP (Gross Domestic Product) of 7.5% from 2019 to the third quarter of 2021, according to the Seade Foundation.
Last year, the state GDP estimate pointed to an expansion of 5.9%, compared to a maximum projection of 4.5% for the country.
“There was a 7.5% increase in economic activity in São Paulo in three years, against 1.5% in Brazil in this same period,” said Doria.
“Our economy grew, and so did employability. We continued to accelerate hiring in January and will certainly take another positive leap in job creation in the state due to economic growth,” reinforced the Governor.
According to Seade, this is the first time, since the beginning of the IBGE (Brazilian Institute of Geography and Statistics) historical series, in 1995, that São Paulo’s economy has grown more than Brazil’s for three consecutive years.
“Since São Paulo led the vaccination process, this has had a huge impact on the economy,” said Henrique Meirelles, Secretary of Finance and Planning of the State.
The survey also pointed out factors of consistent GDP growth in São Paulo, such as the state’s diversified and highly specialized economy and the concentration of high and medium-high technology industry, and the capital being the most important financial center in Latin America.
In relation to the projected growth for 2021, Seade considered the indicator called GDP+30 for the state projection of 5.9%. The segments with the most expressive expansions last year were information and communication (16.7%), education and private health (13.2%), transportation and storage (12.1%), and civil construction (9.9%).
“The four sectors together account for more than 60% of São Paulo’s GDP,” said Bruno Caetano, Executive Director of Fundação Seade. “São Paulo has been breaking records for public and private investment since 2019. The growth took place in an adverse scenario, with practically two years of the pandemic, which shows that São Paulo’s economy is following a good path,” he added.
For 2022, Seade’s projections for the GDP are averages of 0.6% for São Paulo and 0.2% for Brazil. The survey summary about São Paulo’s GDP is available at.
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