Rio de Janeiro Economy

Economy of Rio de Janeiro, Brazil

Being the capital of Brazil for quite a long time, Rio de Janeiro already has attracted several investments from huge and profitable companies. Until the late 19th Century, prior to Sao Paolo skyrocketing in the economy, Rio was considered to be the country’s richest state.


But even when the title of capital city was already transferred in Brasilia, Rio still continued to magnet more companies, especially after oil was discovered in Campos Basin, which is one of Brazil’s top oil producers today.


The following are some of the sectors of Rio’s economy:


Farming Sector


One of the city’s primary sectors in the economy is farming. Investing mainly on the production of sugar cane, Rio de Janeiro has large plantations that are located in Campos’ area. Aside from this, the city also ventures in orange production.


Industrial Sector


Several international oil companies such as Esso, EBX, and Shell have their own branches in Rio.


Telecom corporations such as Embratel (or the Brazilian Telecommunications Company), which is Brazil’s second major telecommunications company; and Oi, which used to be Telemar and the country’s largest among the telephone landline companies, are headquartered in the city as well.


Other industries in the city venture in the production of chemicals, petroleum products, processed food, pharmaceuticals, textiles, clothes, metal products, and furniture.


Next to Sao Paolo, the city’s industrial sector is considered one of the country’s biggest.


Service Sector


Dominating Rio de Janeiro’s economy is the service sector; which includes banking and Bolsa da Valores do Brasil, which is considered to be second of the most active stock markets in the country.


Among the city’s top banks with long-term reputation are Bank of America Rio de Janeiro, Citibank Rio de Janeiro, HSBC Bank Rio de Janeiro, Commonwealth Bank Rio de Janeiro, Deutsche Bank Rio de Janeiro, Capital Investment Bank Limited Rio de Janeiro, and Societe Generale Rio de Janeiro. These banks are also good for tourists who are keen to opening an online bank account in the city.


Tourism Sector


The city’s tourism is among the reasons why Rio’s economy is booming. Its world-famous beaches, carnivals, and landmarks have been attracting thousands of tourists from all over the world. Rio’s diverse lifestyle, traditions, and cuisines have been catching the attention of the many for years now. Its tropical climate – allowing anyone to visit the city any time of the year – contributes to this growing tourist influx as well.


Despite taken over by Sao Paolo on the spot of being Brazil’s richest, Rio de Janeiro’s economy still continues to blossom.