Rio de Janeiro Economy

Introduction

Rio de Janeiro has been a long-time capital of Brazil and has therefore attracted a lot of attention and investments from profitable companies. Till the end of the 19th century, Rio de Janeiro state was the wealthiest state in Brazil before Sao Paulo took over. The economy of Rio can be categorised according to the following sectors.

Primary Sector:

Rio invests a lot in sugarcane production. It has large plantations in the area of Campos. Production of oranges also forms a significant part of the agricultural sector. Coffee cultivation was once an important source of income, but it has lost its importance due to environmental factors. Other food grains are also produced but not in large amounts to be sold on a large scale. Among the livestock industry, there are various animal farms all over the city. Fishing industries mainly produce sardines and are a significant part of the Brazilian economy.

Industrial Sector:

Rio has attracted many oil companies with the discovery of oil in the Campos Basin. Many international oil companies, like Shell, EBX and Esso, have their branches in the city. Not just offices, but many companies have their headquarters in Rio. Some of them are telecom corporations like Oi and Embratel. Many international pharmaceutical companies such as Merck, Roche, Arrow, and Mappel have their headquarters in Rio. IT sector has been added to the more-established industries. The construction industry also contributes to the economy of the city.

Rio comes second in the industrial sector and leads as a financial and service centre. The banking sector dominates the service sector. Rio's stock exchange Bolsa da Valores is the second most dynamic stock market in Brazil.

Tourism Sector:

Tourists, both international and Brazilian visitors, benefit Rio's economy. The world-famous carnivals, beaches and the natural beauty of Rio de Janeiro attract thousands of tourists from all around the world. Due to multiculturalism in Brazil and Rio, the diversity in traditions, lifestyle, and cuisine catches the attention of many. The tropical climate is also one of the main reasons for the increasing tourist influx. The city can be visited during any time of the year as the climate, even if hot, is bearable.