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The Economy of Rio Gains Strength in 2023, Grows Above National and Regional Averages and Reinforces the Weight of Extractive Industry in GDP Formation, According to IBGE
The IBGE announced, in 2023, through the Regional Accounts System, that the GDP of Rio de Janeiro grew by 5.7%, surpassing both the Southeast and national averages. This result thus consolidated the State as the regional leader during that period and totaled R$ 1.17 trillion, according to official data. Furthermore, Rio accounted for 10.7% of Brazil’s GDP in 2023, according to IBGE. This percentage positioned the State ahead of others in the Southeast in relative growth, according to an annual comparison made by the statistical agency.
Extractive Industry Boosts the Result
The expansion recorded by Rio de Janeiro was directly driven by the extractive industry, mainly from the oil and gas sector, as evaluated by IBGE. This sector showed significant growth in 2023 and sustained a substantial portion of the state’s economic advance. Governor Cláudio Castro (PL) stated in an interview with Agenda do Poder that the observed pace resulted from the recovery of the economic environment, attraction of investments, job creation, and fiscal reorganization. According to him, the indicators for 2024 should continue in a similar direction to that of 2023, according to preliminary government analysis.
Historical Comparison of Economic Results
The Secretary of Economic Development, Vinicius Farah, highlighted that the growth of 5.7% in 2023 represented the best result since 2010, when the State grew 5%, according to official records. Farah recalled that, during the pandemic, in 2020, the GDP of Rio fell by 2.9%, as specified by IBGE. Additionally, the secretary emphasized that the recovery had already begun in 2021, with growth of 4.4%, and continued in 2022, with an increase of 4.7%, which demonstrated a continuous series of economic improvement.
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Per Capita Income and Direct Impacts
The per capita income of the State also increased in 2023, reaching R$ 73,052.55, as reported by IBGE. This value was above the national average, which reached R$ 53,886.67 in the same period. The performance positioned Rio in the fourth position in the overall ranking of per capita income in Brazil.
Sectors That Sustain the State Economy
Secretary Vinicius Farah emphasized that the sectors of industry, commerce, and services sustain the economy of Rio and consequently drive the consolidated results since 2021. These areas, according to him, directly respond to the combination of recent public policies adopted by the State.
Government Planning and New Investments
With the positive data released for 2023, the state executive plans new investments focused on the energy, technology, commerce, and services sectors. These areas will therefore concentrate strategic actions, according to the planning publicly announced by state authorities.
Institutional Understanding of Economic Data
State authorities argue that the performance in 2023 represents a turning point for Rio de Janeiro. They assert that the combination of post-pandemic recovery, structured fiscal policies, and the expansion of the extractive industry contributed to making growth more sustainable, according to official analysis released by the government.
Impact on the Position of Rio Within the National Scenario
With the numbers presented by IBGE, Rio has increased its economic relevance and reaffirmed its place among the main productive hubs in Brazil. Therefore, the results of 2023 reinforce the strategic position of the State within the national macroeconomic structure, according to technical evaluation released by local authorities.
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