A Rio de Janeiro’s city hall announced the results of the survey Rio Service Activities Indicator (IAS-Rio), which recorded real growth of 2.7% in the services sector, in 2023, compared to the previous year. According to the research, which was prepared by Municipal Secretariat for Urban and Economic Developmentin the last three years (2021-2023) the increase was 6.5%, compared to 2020, the first year of the pandemic.
The impacts of the health crisis on Rio’s economy were overcome thanks to the optimism and hard work of businesspeople and workers in the city, according to the municipal secretary of Urban and Economic Development, Chicao Bulhõesfor whom Rio’s recovery has attracted more and more investors.
Proof of this confidence can be seen in the increase in the number of events, businesses and activities linked to tourism that have been taking place in the capital of Rio de Janeiro. Between 2021 and 2023, Rio’s services sector registered the opening of 193,500, or 75% of the total number of new jobs in the triennium analyzed, according to the General Register of Employed and Unemployed Persons (Caged), from the Ministry of Labor and Employment.
Chicão Bulhões highlighted that 2023 was a harvest year for structural investments made by City Hall since 2021. According to the secretary, the city also had other factors that contributed to increasing investor confidence.
“The year 2023 brought a combination of positive facts to Rio. Firstly, because since 2021 we have been working on changes in the city. However, structural changes take longer to materialize. Last year we started to reap the rewards more strongly, which means that the improvements are more noticeable to people. Thus, with increased confidence in the city’s economy and several initiatives to attract more investment. We live in a pulsating economy, with good employment numbers and economic movement”, noted Bulhões.
The results of the Rio Service Activities Indicator are the product of the combination of tax collection indices ISS of the city and data from trade and services surveys in the State of Rio produced by IBGE. The IAS-Rio results were released in the second 2024 edition of the Rio Economic Bulletin. The indicator methodology can be seen at the Rio Economic Observatory.
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