Sao Paulo , Brazil » City Info » Economy

Sao Paulo is one of the wealthiest cities globally 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. The per capita income for the city was R$ 24,083 in 2005.

The city's financial districts are in the surroundings of Avenida Paulista and the Centro Velho (Old Centre). Some other essential business districts are in the boroughs of Pinheiros and Santo Amaro, including the large artery Faria Lima. Some significant and highly specialised 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 in and around the city.

Due to the changes in the world's economy, the economic profile of Sao Paulo is going through a profound transformation. The economy is gradually diverting from a strongly industrialised base to service and technology-oriented activities. 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 city's economy would be more significant than many countries in the world. In 2005, the city's tax collection was about R$90 billion, and it spent R$15 billion on the city's budget. This wealthy city is a host of around 1,500 bank branches and over 70 giant shopping malls. Also, more than 60% of all the international companies doing business in Brazil have their headquarters here.

The making of motor vehicles is one of the leading businesses in the city. Other significant industries include textiles, chemicals, machinery, and various consumer items such as clothing, appliances, etc. The city is home to a large number of advertising and broadcasting companies.

The city's stock exchange 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 the largest stock exchange in Latin America and the third-largest in the world.