Sao Paulo , Brazil » City Info » Economy

Sao Paulo is one of the richest cities in the world and ranks as the leading commercial and industrial centre of South America. In 2005, the Gross domestic product (GDP) of the city was US$ 156,280,780,941.00. According to data of IBGE, this GDP was equivalent to approximately 12.26% of the Brazilian GDP and 36% of all production of goods and services of the State of Sao Paulo. Also, the per capita income for the city was R$ 24,083 in 2005.

The financial districts of the city are situated on the surroundings of Avenida Paulista and in the Centro Velho (Old Centre). Some other important business districts are located in the boroughs of Pinheiros and Santo Amaro, including the large artery Faria Lima. Some significant and highly specialized regions like Bom Retiro and Bras (wholesale garment districts), Consolacao (lighting equipment), Rua Santa Ifigenia (electrical and electronic parts), Rua Teodoro Sampaio (furniture and musical equipment), the posh Rua Oscar Freire (designer and label stores), Avenida Europa (luxurious automobiles) and a crowded Rua Vinte Cinco de Marco are situated in and around the city.

Due to the changes in world’s economy, the economic profile of Sao Paulo is going through a deep transformation. The economy is gradually diverting from strongly industrialized base to service and technology-oriented activities. The industries consuming huge manpower have been replaced by a large number of high-technology industries and service providers of many flavours. The city is experiencing a boom in many sectors, particularly shopping malls, entertainment, construction, business-oriented tourism and other service based industries.

If the city of Sao Paulo were a country, the economy of the city would be bigger than many countries in the world. In 2005, the tax collection of the city was about R$ 90 billion and the amount of R$ 15 billion was spent on the budget of the city. This wealthiest city is a host for around 1,500 bank branches and over 70 big shopping malls and also 63% of all the international companies with business in Brazil are headquartered in the city.

The making of motor vehicles is one of the main businesses in the city. Other large industries include producing textiles, chemicals, machinery and a wide variety of consumer items such as clothing, appliances and tires. The city is a home to a large number of advertising and broadcasting companies. Also, large number of firms that process coffee, cotton, sugar, and other crops are located in the city.

The stock exchange of the city is known as The Sao Paulo Stock Exchange (BM&F Bovespa) and it is an official stock and bond exchange of Brazil. The BM&F Bovespa is ranked as the largest stock exchange in Latin America and third largest in the world.