Banco do Brasil points out that Paraíba has the highest GDP projection in 2024 among all states.

The Gross Domestic Product (GDP) of Paraíba is expected to record an expansion of 4.7% in its economy in 2024, the highest growth among all federative units in the country. The growth rate of the Paraíba economy will be more than double that of the country this year (2.2%) and also higher than that of the Northeast region (2.1%). The data and projections are from a study published by the Bank of Brazil this May, via the “Regional Economic Advisory Review.”

In the ranking of projections with the highest economic growth for the year 2024, in addition to Paraíba (4.7%), are the states of Tocantins (4.1%), Amapá (3.9%), Maranhão (3.7%), and the Federal District (3.6%). Meanwhile, Mato Grosso is the only state projected to have a decline in GDP (-0.9%).

GDPs OF THE SECTORS OF PARAÍBA – In the three sectors analyzed by the Bank of Brazil, which served as the basis for the growth projection in 2024, Paraíba showed rates above the averages of Brazil and the Northeast. For example, in the GDP of Services, which comprises the largest force in the economy, including commerce and public administration, Paraíba will have a growth of 4.5% this year, while the average for Brazil will be 2.4% and for the Northeast 2.6%, according to the study.

In the industrial GDP, Paraíba, with an expansion of 5.9%, will also have an average higher than Brazil and the Northeast, which will be tied at 3.2%. In the agricultural GDP, the Paraíba sector will have the highest growth rate (7.6%), while Brazil (-2.3%) and the Northeast (-2.9%) are projected to decline.

“WE ARE ON THE RIGHT TRACK” – For the Secretary of Finance, Marialvo Laureano, the technical study from the Bank of Brazil projecting the expansion of the Paraíba economy in 2024 “demonstrates that Governor João Azevêdo’s management is on the right track and that this projection did not surprise our government, given the fiscal and financial management evaluated by national and international independent institutions, as well as the research published by IBGE and Caged regarding sectors like commerce, services, and employment.”

He recalled that “for three consecutive years, the fiscal and financial management of the Government of Paraíba has received from the National Treasury Secretariat (STN) the so-called CAPAG A (Capacity for Payment A), and from Standard & Poor’s Financial Services (S&P Global Rating), one of the largest risk rating agencies in the world, maximum scores in their evaluations of payment capacity, current savings, and liquidity. In 2024, for example, the S&P Global Rating confirmed for the fourth consecutive year the efficiency of the state’s fiscal management, granting a triple AAA+ rating, the highest rating for a subnational entity. In other words, the Government of Paraíba is not only doing its homework in this management but also enhancing indicators that ensure, through our effort and commitment, the expansion of public policy implementation for the population, as well as investments with our own resources in the state’s infrastructural areas such as roads, water security, and the port.”

POSITIVE ECONOMIC INDICATORS – Marialvo Laureano cited updated numbers of important economic indicators for Paraíba. “To give you an idea, we have generated a net balance of 85,000 jobs in recent years, solely with formal employment in five economic sectors, reaching a total of 487,000, in addition to reducing the unemployment rate to 9.9% in the first quarter of this year, the lowest in our historical series over the last eight years. We recorded the highest growth rate in commerce in the country in February of this year with an increase of 19.6% and the third highest in March (10%). The consumption potential of Paraíba families, which reached R$ 88.980 billion in 2023, showed a growth rate of 3.52%, representing double the national rate (1.52%),” he detailed.

THE BEST IS YET TO COME – According to the Secretary of Sefaz-PB, “the fiscal balance achieved by the State of Paraíba, which guarantees greater investment capacity with its own resources, in addition to our low indebtedness, has also attracted more investments and private business, which should grow even more in the coming years. We can mention the tourism sector, such as the Cabo Branco Tourist Pole, which will gain several resorts, with five under construction and a theme park, as well as other investments like new Jeep system factories, the expansion of the Port of Cabedelo, and important public equipment from the state, which will be granted to the private sector in the coming years via public-private partnerships. In short, the fiscal policy and new public and private investments should ensure sustained growth for the state not only in 2024 but in the coming years. Therefore, I am confident that the best is yet to come in our state,” he pointed out.

For the Secretary of State for Tourism and Economic Development, Rosália Lucas, “Paraíba has been positively standing out and experiencing solid growth in various essential sectors that directly reflect on our GDP. Tourism plays an important role in this achievement, and investments in tourist infrastructure have attracted visitors not only from Brazil but also from abroad, generating jobs and income for our state,” she commented.