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São Paulo's economic prowess stems from its business services sector, which is the epicentre of the financial services industry in Brazil. The city's higher labour productivity boosts disposable household income, which was 56% greater than elsewhere in the country in 2016. Nonetheless, the economic recession in Brazil has had a knock-on effect on São Paulo, as total GDP fell by 7% in real terms over 2011-2016 in the city.
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São Paulo is Brazil's most important economic hub, accounting for 17% of total GDP in 2016. The city's labour productivity level surpassed the average for the rest of the country by 59% in 2016, thanks largely to the high degree of banking and finance institutions which elevate productivity.
With the considerable difference in labour productivity, São Paulo's per household disposable income advantage is noticeably greater. In 2016 this was 56% greater compared to the rest of the country, despite the city's higher unemployment rate, as well as the smaller average household size.
On a per household basis, consumer expenditure (excluding housing and transport) in São Paulo was 43% greater than in the rest of Brazil in 2016. Expenditure on alcoholic beverages, education and household goods formed the largest differentials between households in São Paulo and the rest of the country.
In 2016 average household spending on transport and housing in São Paulo was 50% higher than in the rest of the country, making São Paulo rather an affordable city. Out of the two, expenditure on housing was exceptionally greater in São Paulo (+82%) compared with the rest of the country.
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