Rio de Janeiro has the second highest GDP of any Brazilian city, after only Sa Paulo. It was around US$201 billion in 2008, according to the IBGE, or 5.1 percent of the national total. The services sector accounts for 65.52 percent of GDP, followed by commerce (23.38 percent), industrial activities (11.06 percent), and agriculture (11.06 percent) (0.04 percent ).
Benefiting from its lengthy tenure as the federal capital (1763–1960), the city developed into a vibrant administrative, financial, economic, and cultural hub. Greater Rio de Janeiro, as defined by the IBGE, has a GDP of US$187.374.116.000, making it the country’s second biggest wealth centre. The GDP per capita is US$11,786. It accounts for 68 percent of the state’s economic strength and 7.91 percent of the country’s total output of goods and services.
When the metropolitan metropolis’s network of influence is included (11.3 percent of the population), this percentage of GDP increases to 14.4 percent, according to a report issued in October 2008 by the IBGE. For many years, has served as Brazil’s second biggest industrial center, home to oil refineries, shipbuilding industries, steel, metallurgy, petrochemical, gas, chemical, textile, printing, publishing, pharmaceutical, beverage, and cement manufacturing. However, the previous several decades have seen a dramatic shift in its economic character, which is increasingly resembling that of a major national centre for services and commerce. The Rio de Janeiro Stock Exchange (BVRJ), which presently trades mainly government securities, was created in 1845 and is situated in the center area of the country.
Rio de Janeiro became a desirable location for businesses during its time as Brazil’s capital, due to the city’s proximity to significant sections of society and government. The city was selected as the headquarters of many state-owned enterprises, including Petrobras, Eletrobras, Caixa Economica Federal, and Vale (which was privatized in the 1990s). With the capital was transferred to Brasilia in 1960, it continued to draw new enterprises, particularly after the discovery of oil in the Campos Basin, which accounts for the majority of Brazil’s total oil output. This resulted in the establishment of several oil and gas firms in Rio de Janeiro, including the Brazilian subsidiaries of Shell, EBX, and Esso. Rio de Janeiro is also home to the headquarters of BNDES, a significant governmental organization. Additionally, the city is home to the headquarters of many important telecom businesses, including Intelig, Oi, and Embratel.
Rio is the second largest industrial producer in the country and the second largest financial and service hub, after only So Paulo. Processed foods, chemicals, petroleum products, medicines, metal goods, ships, textiles, apparel, and furniture are all manufactured in the city’s industries. However, the service sector dominates the economy, including banking and the country’s second most active stock exchange, the Bolsa do Valores do Brasil. Tourism and entertainment are also significant components of the city’s economic life, and the city is the top tourist destination in the country for both Brazilians and international visitors.
Rio de Janeiro was selected as the headquarters of several private, national, international, and state enterprises despite the fact that their factories were situated in other cities or states. Despite the capital’s move to Brasilia, several of these headquarters remained in the Rio metropolitan region, notably Petrobrás, the state oil corporation, and the National Economic and Social Development Bank, a federal investment bank.
To the ancient sectors of metallurgy, engineering, and printing and publishing, a contemporary electronics and computer industry has been introduced. Other manufacturing industries provide materials for shipbuilding, clothes and footwear, textiles, nonmetallic mineral goods, food and drinks, chemicals, and medicines. Construction, another key business, employs a huge number of unskilled employees and is bolstered by the seasonal inhabitants who construct second houses in the Greater Rio de Janeiro region.
To entice business, the state government designated specific regions on the city’s outskirts as industrial zones, where infrastructure is supplied and land is sold under preferential terms. Oil and natural gas extracted from resources off the northern coast of Rio de Janeiro state are a significant asset for the development of manufacturing operations in the Rio metropolitan region, allowing it to compete with other large cities for new industrial investment.
Rio, like manufacturing, is a significant financial center, second only to So Paulo in terms of financial markets and banking volume. Although its securities market is dwindling in comparison to So Paulo, it remains significant. Due to the closeness of Rio’s port facilities, the city is home to a large number of Brazil’s export-import enterprises. Retail commerce is significant in Greater Rio, which has one of the highest per capita incomes in Brazil. While many of the largest retail establishments are concentrated in the Centre, others are dispersed across the commercial sections of the other districts, where shopping malls, supermarkets, and other retail establishments handle a significant amount of consumer commerce.
Rio de Janeiro is Brazil’s second biggest exporting municipality (as of 2014). Rio exports commodities worth a total of $7.49 billion (USD) every year. The municipality’s top three exports were crude petroleum (40 percent), semi-finished iron products (16 percent), and semi-finished steel products (16 percent) (11 percent ). Mineral items (42% of total exports) and metals (29% of total exports) account for 71% of total Rio exports.
Rio de Janeiro is home to many important Brazilian entertainment and media organizations, including Organizaçes Globo and some of Brazil’s largest newspapers, including Jornal do Brasil, O Dia, and Business Rio. Merck, Roche, Arrow, Darrow, Baxter, Mayne, and Mappel all have their Brazilian headquarters in Rio.
Rio de Janeiro’s economy is the second biggest in Brazil, following Sa Paulo, and the thirty-first largest in the world, with a GDP of R$ 201,9 billion in 2010. In 2007, the city’s per capita income was R$22,903 (about US$14,630). According to Mercer’s city rankings of the most costly cities in the world for expatriate workers, Rio de Janeiro ranks 12th in 2011, up from 29th in 2010, close behind Sa Paulo (ranked tenth) and ahead of London, Paris, Milan, and New York City. Rio also boasts the highest hotel prices in Brazil, and the daily fee at its five-star hotels is the second highest in the world, behind only New York City.