São Paulo’s industry recorded growth of 2.9% in May, contributing to the nationwide increase

São Paulo’s industry experienced a positive growth rate for the third consecutive month, with a 2.9% increase in May compared to April.

This growth surpassed the national average of 0.3%.

The Brazilian Institute of Geography and Statistics (IBGE) reported these findings in their Regional Monthly Industrial Survey (PIM regional).

São Paulo’s industry has accumulated a total gain of 3.6% over the period.

The IBGE attributed São Paulo’s performance as the main driving force behind the country’s industrial growth in May.

Among the 15 surveyed locations, São Paulo recorded ten increases, four decreases, and one stable rate.

Compared to May 2022, São Paulo’s industry grew by 2.6%, exceeding the national average of 1.9%.

However, Pará had the highest positive influence with a growth rate of 29.6%.

The IBGE explained that Pará’s growth was due to a low comparison base following a significant drop of 20.9% in May 2022, as well as a substantial 36.6% growth in extractive industries.

Analysts highlighted the prominent sectors driving São Paulo’s growth, including oil products, food, sugar production, and motor vehicles.

Despite the positive results, the São Paulo industry has yet to reach its highest level of industrial production, which was achieved in March 2011.

However, it has surpassed pre-pandemic levels by 0.6% and continues to make progress towards recovery.

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