Sao Paulo EconomySao Paulo is an extremely diverse economic center and is an international industry leader, in banking and finance, commerce, and in global trade. It has a GDP higher than most countries and a majority of people involved in the service sector. Sao Paulo produces a majority of Brazil's consumer goods, textiles, chemicals, pharmaceuticals, and paper and most of its electrical materials, rubber goods, machinery, tools, and motor vehicles. Investments in hydroelectric power and tax exemptions on imports and exports helped Sao Paulo become an economic powerhouse. However many factories have now become automated and many manufacturing jobs were lost.
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