State of São Paulo's GDP is higher than the Brazilian average, according to Seade Foundation
The figures reinforce the state potential to attract investments
Investe São PauloThe State of São Paulo celebrates the result released by Seade Foundation, which reports that the State's GDP increased 2.6% in the accumulated 12 months (from August/2017 to August/2018.) The figures indicate that São Paulo remains on the list of Brazilian and foreign investors.
According to Seade and the Brazilian Institute of Geography and Statistics (IBGE) data, in 2017, São Paulo's GDP represented 31.46% of the national GDP. In the same period, the State registered an increase of 1.67%, while the Brazilian growth rate was 0.99%.
From January to August 2018, São Paulo's GDP stood out once again for its increase of 2.06%, compared to 0.68% in the same period of 2017. During these eight months, Investe São Paulo – Agência Paulista de Promoção de Investimentos e Competitividade – supported 17 projects that generated R$ 3.3 billion in investments for the State, which is 57% more than the previous year.
São Paulo's GDP is also ahead of developing states, such as Shanghai and Beijing (China), and Georgia, Massachusetts, North Carolina, and Washington (United States), according to the National Bureau of Statistics of China and Bureau of Economic Analysis.
According to data from the World Economic Outlook survey of the International Monetary Fund (IMF), Brazil's GDP per Capita reached US$ 15,242, while the State of São Paulo totaled US$ 11,602 (November 26).
This shows the potential of the State, which concentrates productive capacity, skilled labor, logistics, a variety of suppliers and high-quality supply chain, in addition to an institutional environment that is safe for investments. São Paulo is also known for its greater concentration of regional offices of multinationals and investment centers.
"Companies are seeking São Paulo to invest as a gateway to expand throughout Brazil, and, to export from the largest market, which is the State of São Paulo, to all Latin America," says Sérgio Costa, director of Investe São Paulo.