In January 2024, São Paulo’s economy saw a 3.2% expansion from the previous year, according to insights shared by the Seade Foundation.
Farms played a big part, with their output soaring 20.7%. Factories and services also saw gains, by 3.3% and 2.4%, respectively.
Governor Tarcísio de Freitas, a close Bolsonaro ally, praised this progress. He pointed out how cutting red tape has made it easier for businesses.
His policies, he said, have drawn more investment to São Paulo. This has sparked more economic activity, boosted confidence among business people, and created more jobs.
Background
São Paulo state is essential to Brazil for many reasons. It’s the country’s economic powerhouse, generating about a third of Brazil’s GDP with its diverse industries, extensive services, and leading financial markets.
The state’s contribution of 16.5% to Brazil’s total agribusiness exports is significant.
Furthermore, São Paulo’s dominance in specific categories, such as juices and the sugar-alcohol complex, reflects its strategic position in the global market.
Being the most populous state, it offers a massive workforce and a large market for goods and services.
São Paulo is at the heart of Brazil’s industrial sector, with various industries from automotive to food processing, attracting domestic and international investments.