Economy of Rio de Janeiro

Rio ranks second nationally in industrial production and second financial and service center, trailing only São Paulo. The city's industries produce processed foods, chemicals, petroleum products, pharmaceuticals, metal products, ships, textiles, clothing, and furniture. The service sector dominates the economy, however, and includes banking and the second most active stock market in Brazil, the Bolsa da Valores do Brasil. Tourism and entertainment are other key aspects of the city's economic life and the city is the nation's top tourist attraction for both Brazilians and foreigners.

Because it was once the national capital, Rio de Janeiro was chosen as the site for the headquarters of many private, national, multinational, and state corporations, even when their factories were located in other cities or states. Despite the transfer of the capital to Brasília, many of these headquarters remained within the Rio metropolitan area, including those of Petrobrás, the state oil company, and the National Economic and Social Development Bank, a federal investment bank.

A newer electronics and computer sector has been added to the older industries of metallurgy, engineering, and printing and publishing. Other manufacturing sectors focus on the production of shipyard-related materials, apparel and footwear, textiles, nonmetallic mineral products, food and beverages, chemicals, and pharmaceuticals. Construction, also an important activity, provides a significant source of employment for large numbers of unskilled workers and is buoyed by the number of seasonal residents who build second homes in the Greater Rio de Janeiro area.

To attract industry, the