São Paulo State’s GDP Rises One Percent from September to October, Says SEADE
SÃO PAULO, BRAZIL – São Paulo’s economy is moving fast towards detaching itself from the national Gross Domestic Product (GDP).
From September to October alone, São Paulo State’s GDP grew one percent in a comparison free of seasonal effects, according to data from the SEADE Foundation, which also recorded a 5.2 percent increase over October last year.
São Paulo’s GDP growth in October was determined by a three percent increase in industrial activity and a 0.8 percent rise in services.
It could have been higher had the agricultural sector, strong in the state, not retreated 0.2 percent from September to October. In the 12-month period ended in October, the economy grew 2.4 percent, with 3.4 percent in services and 0.6 percent in industry. Based on this comparison, agriculture and cattle raising suffered a 3.3 percent decline.
With the October results, the average São Paulo GDP growth projection for 2019 was revised from 2.1 to 2.6 percent.
According to Seade Foundation technicians, the services sector remains the most significant in São Paulo’s economy, recording an increase of 0.8 percent in added value between September and October, considering the seasonal adjustment, and 3.4 percent in annual terms, marking an acceleration from the 3.1 percent rate recorded in September, on that same comparison basis.
The industry’s recovery was also noteworthy, with the annual rate rising from -0.1 percent in September to 0.6 percent in October, driven by the construction sector and the rebound in important segments of the state’s processing industry, such as food and oil refining.
As far as the Brazilian economy as a whole is concerned, the projection for 2019 also evolved from 0.9 to one percent.
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