The GDP reached R$5.779 trillion in 2014 and its growth in relation to 2013 was reviewed from 0.1% to 0.5%. The per capita GDP (R$28,498) dropped 0.4% in relation to 2013. This indicator dropped for the third time since 2000, more recently in 2003 (-0.2%) and 2009 (-1.2%).

These and other results are part of the System of National Accounts 2010-2014, which incorporates new wider and detailed data from the IBGE itself and from other sources, as well as methodological updates, reviewing the results already released by the Quarterly National Accounts. The complete publication can be accessed here.

Table 1
Major Indicators of the System of National Accounts
2012-2014

Source: IBGE, Diretoria de Pesquisas, Coordenação de Contas Nacionais.

Agriculture (2.8%) and services (1.0%) rise, industry falls (-1.5%)

Under the point of view of production – which points out the contributions to the GDP from the value generated by economic activities –, agriculture and services accounted for, respectively, 0.1 and 0.7 percentage points of the growth of the value added, whereas industry registered a negative contribution of 0.4 percentage points. In 2014, agriculture (2.8%) and services (1.0%) rose, whereas industry dropped (-1.5%).

This drop involved nearly all the industrial sectors, except for petroleum extraction (10.9%), iron ore extraction (6.8%), pharm-chemical industry (7.4%) and industries of sugar (3.5%) and ethanol (5.2%). The major negative contributions came from car industry (-19.6%) and car pieces (-16.1%), as well as from construction (-2.1%), whose change was less intense, though with a significant weight in industry as shown in the table below.

Table 13
Participation in the gross value added at basic prices, according to groups of activity
2012-2014

Source: IBGE, Diretoria de Pesquisas, Coordenação de Contas Nacionais.

The activities of services remained stable or slightly increased their value added. The negative highlights were trade of vehicles (-6.2%), non-real estate rentals (-4.5%) and lodging (-2.8%). The positive contributions came from the activities of software development (9.4%) and radio and TV (5.8%), as well as from private education (6.2%), whose performance was the reverse of public education (-1.0%).

Increase in household consumption (2.3%) is the major positive impact

Under the point of view of expenditure – which looks at the destination of goods and services produced –, household consumption increased 2.3% over 2013 and was the major responsible for the growth of the GDP in 2014. The foreign balance – difference between imports and exports – also contributed positively, since the drop in imports (-1.9%) surpassed that of exports (-1.1%). Gross Fixed Capital Formation - GFCF dropped 4.2% in the year and the investment rate (GFCF/GDP) retreated from 20.9% in 2013 to 19.9% of the GDP in 2014.

Under the point of view of income, the contribution of the compensation of employed persons to the GDP continued to grow, changing from 43.2% in 2013 to 43.5% in 2014. The participation of the gross operating surplus – gross value added less the compensation of employed persons, mixed earnings and taxes net of subsidies on production – in the GDP reversed the dropping trend recorded since 2010, changing from 32.6% in 2013 to 33.1% in 2014. On the other hand, the participation of taxes net of subsidies on production and imports declined from 15.5% of the GDP in 2013 to 14.9% in 2014.

Net borrowing of national economy is
R$262.0 billion in 2014, an increase of 46.3% over 2013

The gross national income  – GDP plus earnings from production factors sent or received from the rest of the world – was R$5.7 trillion in 2014, against R$5.3 trillion in 2013. The net payment of property income to the rest of the world – interests, dividends and reinvested profits – significantly increased (76.4%), changing from R$65.3 billion in 2013 to R$115.2 billion in 2014.

The nominal increase of the final consumption expenditure (10.5%) surpassed that of the gross national income (7.5%) and contributed to a retraction of 5.3% in the Brazilian savings (from R$976.9 billion in 2013 to R$924.9 billion in 2014). Together with the nominal growth of 3.0% in gross fixed capital formation (R$1.1 trillion in 2014), it made the net borrowing of the national economy reach R$262.0 billion in 2014, an increase of 46.3% over the previous year. Non-financial enterprises accounted for the biggest contribution to the total income generated (55.4%).

Source: IBGE, Diretoria de Pesquisas, Coordenação de Contas Nacionais.

Net lending of the financial sector rose 14.0%, changing from R$90.2 billion in 2013 to R$102.8 billion in 2014. The rise of the average Selic to 10.9% – 8.2% in 2013 – and the increase in the average spread – difference between the interest rate charged from a borrower and the interest rate that remunerates an investor, appropriated by the financial broker –, which changed from 11.5% to 15.3% in 2014, contributed to the performance of the financial enterprises. The relation between the total loan and the GDP retreated from 54.6% in 2013 to 52.9% in 2014.

In 2014, net lending of the households (R$35.3 billion) remained virtually stable in relation to 2013 (R$35.2 billion), whereas final consumption expenditure in relation to the compensation earned by the households grew (from 9.1% to 10.6%). This was mainly due to the rise of 7.9% in the net property income of the households – interest and dividends – and to the lower increase of the GFCF (13.1% in 2013 and 3.7% in 2014).

In 2014, net borrowing from the government (R$339.6 billion) rose 92.5% over 2013 (R$176.4 billion). On the revenue side, taxes net of subsidies on the production and imports grew 4.2%, taxes on income and assets increased 6.6% and the revenue from natural resources dropped 23.6%. These changes remained behind the rates noticed in the major destinations of these resources: social benefits (13.0%), final consumption (9.9%) and gross fixed capital formation of the government (19.3%).