GDP reached R$ 4.8 trillion in 2012 and R$ 5.3 trillion in 2013, with per capita figures of R$ 24,121 and R$ 26,445 in these years. In 2012, the increase of GDP was revised from 1.8% to 1.9%, and, in 2013, from 2.7% to 3.0%. Gross value added increased 1.6% in 2012 and 2.9% in 2013. Final consumption expenditure, which encompasses the expenditure of households and of the government on individual and collective needs, also increased 3.2% in 2012 and 3.0% in 2013.

This release presents, for the first time, the opening of the institutional sector by origin of the capital: private and public, besides the public sector measurement of Gross Value Added (GVA), Compensations, Gross Operating Surplus (GOS) and Gross Fixed Capital Formation (GFCF). In the sector of non-financial companies, the most relevant one in terms of GFCF, the contribution of the private sector was 81.9%, in 2010, and 84.5%, in 2013. The public sector reached 81.9% in 2010 and 84.5% in 2013. This year, current values corresponded to R$ 504.9 billion in the non-financial private sector and R$ 92.5 billion in the public sector.

The institutional sectors with biggest participation in the GFCF are non-financial companies and households, with nominal figures, respectively, of R$ 535.8 billlion and R$ 316.9 billion in 2012, and R$ 597.4 billion and R$ 359.3 billion in 2013. GFCF increased 5.8% in 2013, resulting in an investment rate of 20.9%. If, on the one hand, the government net borrowing increased from R$ 95.5 billion in 2012 to R$ 155.6 billion in 2013, the net lending of households fell from R$ 21.7 billion to R$ 15.8 billion in the same period.

The new series for the IBGE System of National Accounts adopts 2010 as a reference year and incorporates recommendations from the latest revision of the Manual of National Accounts organized by the UNO, FMI, OECD and the World Bank. Besides methodological updates, the new series presents a more detailed classification of products and activities, integrated to CNA 2.0 and incorporates data from the Census of Agriculture 2006 and from the Consumer Expenditure Survey (POF) 2008/09. Additional information is available here.

Click here to see the complete publication: System of National Accounts - Brazil 2010-2013.

Gross value added increases 2.9% in 2013

From the perspective of supply, which refers to the contribution of activities to gross value added (GVA), GVA recorded an increase of 2.9% in 2013, with hikes of 8.4% in agriculture, 2.2% in industry and 2.8% in services. The expansio of agriculture was mainly concentrated in terms of crops, due to a bigger production of soybeans (26.1%), sugarcane (6.7%) and corn (15.0%). Manufacturing industry recorded increase of 3.0% , whereas mining and quarrying had a negative result (-3.0%) due to the fall in oil extraction (-3.2%) and iron ore (-5.0%). In services the highlights were information services (4.0%) and real estate activities (4.8%). The latter follows the pace of civil construction, which recorded increase of 3.2% in 2012 and of 4.5% in 2013.

The increase of GVA by 1.6% in 2012 results from a hike of 2.9% in the GVA of services, counterbalanced by decreases of 3.1% and 0.7% in industry. Both agriculture (-5.3%) and livestock (-1.2%) had negative performances. In terms of industry, both mining and quarrying (-2.1%) and manufacturing (-2.4%) recorded decrease. Mining and quarrying industry was mainly affected by the decrease of GVA of oil and gas extraction (-3.1%), whereas in manufacturing industry the negative results were more widespread, with decrease in 22 of the 30 activities. In services, increase was recorded by most activities, mainly information services (7.0%) and real estate activities (5.2%).

Final Consumption Expenditure increases by 3.0% in 2013

From the perspective of demand, which shows GDP according to the evolution of consumption, of investment and of the foreign balance of goods and services, it is observed there was increase of consumption expenditure both in 2012 (3.2%) and in 2013 (3.0%). Household consumption expenditure had grown 3.5% in 2012 and 3.6% in 2013, due to the increase of earnings and to easier access to credit. Government consumption expenditure increased 2.3% in 2012 and 1.5% in 2013.

The external balance of goods and services (difference in balance between imports and exports) had a negative impact on GDP growth, with the growth of imports surpassing exports both in 2012 (0.7% against 0.3%) as in 2013 (7.2% against 2.4%).

Gross Fixed Capital Formation (GFCF), formed by the investments in fixed assets – such as machinery and equipment to produce other goods, totaled R$995.6 billion in 2012 and R$1.1 trillion in 2013, resulting in investment rates (GFCF/GDP) of 20.7% and 20.9%, respectively. The growth in GFCF volume was 0.8% in 2012 and 5.8% in 2013.

Formalization of work grows in 2012 and 2013

From the perspective of income, it is observed that the increase of the formalization characterizes the performance of labor market in the period. From 2012 to 2013 job posts with formal employment changed by 3.9%, whereas job posts without a formal employment contract and self-employed workers changed -3.2% and 0.2%, respectively. Mining and quarrying and manufacturing industry had an increase of jobs with a formal employment contract and a decrease of jobs without a formal employment contract. Conversely, real estate activities had an increment in all the job categories.

The separation of the composed income generated in the production process by work, capital and general government shows growing participation of worker's earnings, which reached 43.4% of the income in 2013. In the same year, mixed income reached 8.7%, taxes net of subsidies, 15.7%, and the proportion of the capital factor unified in the gross operating surplus, reached 32.2%.

Gross national income reaches R$ 5.24 trillion in 2013

The Integrated Economic Accounts present results for the institutional sectors of non-financial enterprises, financial enterprises, public administration, households and non-profit private institutions serving households and for the overall national economy. Relations of the National Economy with the rest of the world are also presented.

Gross national income (GDP plus the income from production factors sent or received from the rest of the world) was R$ 4.7 trillion in 2012 and R$ 5.2 trillion in year 2013. The net payment of the property incomes to the rest of the world grew 21.9%, and changed from R$ 64.7 billion in 2012 to R$ 78.8 billion in 2013.

The growth of final consumption expenditure (11.5%) at a level above the Gross National Income (10.5%) led savings to increase 6.2% in 2013, with a change from 904.9 billion in 2012 to R$ 961.4 billion. The growth of the Gross Capital Formation was 11.9%, from R$ 995.6 billion in 2012 to R$ 1.1 trillion in 2013. In spite of the inversion of the net balance of capital transfers (from - R$ 3.9 billion in 2012 to R$ 2.6 billion in 2013), net borrowing reached R$ 191.4 billion in 2013, with an increase of 49.9% in relation to 2012 (R$ 128.1 billion). Non-financial enterprises accounted for the biggest contribution in to the total income generated (55.5%).

The domestic sector remained relevant to GDP growth in this period. In 2013, total job posts and the average nominal income increased by 1.6% and 9.9%, respectively, and household consumption, by 11.2%. Despite the increase of the negative external balance of goods and services (from R$ 65.4 billion in 2012 to R$ 122.7 billion in 2013), GFCF 11.1% and the stock change of 24.9%, nthe et borrowing of this sector increased by 6.2% in relation to the 2012 figure, having grown from R$ 143.2 billion to R$ 152.1 billion in 2013.

The domestic market and the expansion of credit (53.9% of GDP in 2012 and 56.1% of GDP in 2013) remained benefiting financial enterprises in 2013. Despite the small fall of SELIC in 2013 (8.2% against 8.5%) and the reduction of the average spread (difference, taken by the financial intermediator, between the interest rate charged to the holder of a loan and the interest rate that compensates the resource allocator), which rose from 13.5% to 11.5% in 2013, the sector had net lending of R$ 100.4 billion in 2013, against R$ 88.8 in 2012.

Net lending increases in 2013

There was an increase of the government net borrowing in 2013 (R$ 155.6 billion) in comparison with 2012 (R$ 95.5 billion), partially due to the hike of net interest paid by the government (16.9%), of expenditure with social benefits (12.9%) and of final consumption (12.9%), in contrast with minor changes of the main items that form its resources: taxes net of subsidies on production and imports increased by 8.6%, taxes on income and equity changed 11.3% and dividends and withdrawals were reduced by 36.5%.

The net lending of households was R$ 15.8 billion in 2013, presenting decrease in relation to 2012 (R$ 21.7 billion). The smaller increase of the GFCF (18.9% in 2012, against 13.3% in 2013), stability in the growth of final consumption (11.9% in 2012 against 11.2% in 2013), the deceleration of the average yield (13.0% in 2012 against 9.9% in 2013) and the decrease of the net property income received by households - interests and dividends - (R$ 402.7 billion in 2012 against R$ 393.3 in 2013) were the main reasons for the decrease in the net lending of the sector.