National Accounts
GDP grows 0.8% in Q1, leveraged by Services
June 04, 2024 09h00 AM | Last Updated: June 06, 2024 10h34 AM
In the seasonally-adjusted series, the national Gross Domestic Product (GDP) rose 0.8% in the first quarter of 2024 against the last quarter of 2023. Having risen 1.4% mainly due to the contributions of Trade (3.0%), Information and communication (2.1%) and Other services activities (1.6%), the Services sector leveraged this positive change. Agriculture grew 11.3% and Industry registered a slight negative change (-0.1%), and it was considered stable.
For Rebeca Palis, IBGE´s Coordinator of National Accounts, some activities in the services sector stood out in the rise of the GDP against the previous quarter: “Retail trade and personal services, linked to the growth of household consumption, the Internet and systems development activity, due to the increase in investments, and professional services, which intertwine the economy as a whole.”
In the same comparison, Palis reminds that the GDP analysis under the point of view of demand shows a continuing growth of household consumption, due to the improvement of the Brazilian labor market, lower inflation and interest rates, as well as to the continuity of governmental programs to aid families.
Another positive highlight was the increase in investments, leveraged by the increase in the imports of capital goods in software development and construction. On the other side, the IBGE economist reminds that the production of capital goods is still on the negative side in the inter-annual rate.
Serviços também puxaram a alta de 2,5% frente ao mesmo trimestre de 2023
Na comparação do primeiro trimestre de 2024 com o mesmo trimestre do ano passado, houve alta de 2,5% no PIB, puxada também pelos Serviços e pelas atividades de Informação e Comunicação, Comércio e Outras Atividades de Serviços.
“Os destaques foram os mesmos”, observa a analista do IBGE, “mas houve mudança na contribuição do setor externo para o crescimento da economia. Em 2022 e 2023, o setor externo havia contribuído positivamente, com as exportações crescendo mais do que as importações. Nesse primeiro trimestre essa contribuição virou negativa. Estamos importando muitas máquinas e equipamentos e bens intermediários e o Real se valorizou”.
Rebeca lembra, ainda, que a Agropecuária não está com um desempenho favorável como em anos anteriores afetando as exportações de 24. Nesse trimestre tivemos um crescimento da economia totalmente baseado na demanda interna”.
Investment rate remains virtually stable and savings rate retreats
In the first quarter of 2024, the investment rate was 16,9% of the GDP, below the rate of 17.1 recorded in the first quarter of 2023. The savings rate was 16.2% against 17.5% in the same quarter of 2023. Palis weighed that “the investment rate virtually remained at the same level as that of last year, as both investments and the GDP grew in the first quarter of 2024.”
The IBGE economist reminds that the savings rate had an important drop. “As Household consumption grew quite above the GDP, savings decreased as a consequence.”
GDP accumulates rise of 2.5% in four quarters
The cumulative GDP in the four quarters ended in March 2024 grew 2.5% compared with the same period in 2023. In this comparison, Agriculture (6.4%), Industry (1.9%) and Services (2.3%) rose.
More about the survey
The System of National Accounts shows, on a quarterly basis, the current values and the volume indexes for the Gross Domestic Product (GDP) at market prices, taxes on products, value added at basic prices, personal consumption, government consumption, gross fixed capital formation, stock changes, and exports and imports of goods and services.
The survey began in 1988 at the IBGE and it was redesigned in 1998, when its results were integrated to the System of National Accounts, which has an annual periodicity. Please check the GDP data on Sidra. The next release, related to the second quarter of 2024, will be on September 3.
