In relation to the third quarter, the GDP of the fourth quarter of 2014 grew 0.3%, in the seasonally adjusted series. Agriculture had an expansion of 1.8%, Industry remained virtually unchanged (-0.1%) and Services grew 0.3%. In the comparison with the fourth quarter of 2013, the GDP changed 0.2%: the value added at basic prices changed -0.2% and product taxes less subsidies faced decrease (-0.6%). Industry shrank (-1.9%), whereas Services (0.4%) and Agriculture (1.2%) had a positive change.

In 2014, the GDP changed 0.1% in relation to 2013. The stability in the GDP resulted from the positive change of 0.2% of the value added and of the taxes contraction (-0.3%). In this comparison, Agriculture (0.4%) and Services (0.7%) grew and Industry fell (-1.2%). In 2014, the GDP reached R$ 5.52 trillion (at current values). The GDP per capita stayed at R$ 27,229, with decrease (-0.7%), in volume, in relation to 2013.

The complete publication is available on www.ibge.gov.br/english/estatistica/indicadores/pib/defaultcnt.shtm. Information on the new series of the System of National Accounts (reference 2010) is available on  http://saladeimprensa.ibge.gov.br/noticias?view=noticia&id=1&idnoticia=2841.

GDP changes 0.3% in relation to Q3 of 2014

In the comparison with the 3rd quarter of the year, Agriculture (1.8%) and Services (0.3%) grew, whereas Industry held stable (-0.1%).

In Services, growth was leveraged by information services (1.4%), financial intermediation and insurance (1.3%) and other services (1.0%). Real estate activities (0.7%) and trade (0.6%) also recorded expansion. Transportation, storage and mailing activities (0.0%) and Public administration, health and education (-0.1%) remained stable in the period.

Among the subsectors under Industry, electricity and gas, water supply, sewerage and urban sanitation (1.8%) and civil construction (0.9%) grew in the period. Mining and quarrying (0.0%) held steady in relation to the previous quarter. The manufacturing industry, on the other hand, faced decrease (-1.6%).

From the perspective of expenditure, households grew 1.1% in relation to the previous quarter. Conversely, both gross fixed capital formation (-0.4%) and government consumption expenditure (-0.6%) shrank. In the external sector, exports (-12.3%) and imports (-5.5%) of goods and services fell in relation to the third quarter.

GDP changes -0.2% over Q4 2013

In comparison with the result of the same period a year ago, the GDP recorded a change of -0.2% in the fourth quarter of 2014. Among the economic activities, Agriculture had expansion of 1.2% and Industry posted decrease (-1.9%). In this context, the Manufacturing Industry was the negative highlight (-5.4%).

Civil construction and electricity and gas, water, sewerage and urban sanitation reduced the volume of the value added (-2.3% and -5.9%, respectively). Mining and quarrying, on its turn, increased 9.7% in relation to the fourth quarter of 2013.

The value added of Services grew 0.4% compared with the same period last year, with a highlight to real estate activities (3.0%) and information services (1.9%). Positive results were also seen in the activities of financial intermediation and insurance (1.3%), other services (1.1%) and transportation, storage and mailing activities (0.8%). In terms of trade (retail and wholesale), there was decrease (-2.9%). The activity public administration, health and education kept virtually stable, with a change of -0.1%.

Among the components of domestic demand, the Gross Fixed Capital Formation contracted (-5.8%). Household consumption expenditure rose 1.3%, while government consumption expenditure changed -0.2%. In the foreign sector, exports (-10.7%) and imports (-4.4%) of goods and services presented decrease.

In 2014, GDP changes 0.1% and GDP per capita shrinks 0.7%

The GDP in 2014 remained virtually stable in relation to the previous year, with a positive change of 0.1%. In 2013, the cumulative growth in the year was of 2.7%. The GDP per capita reached R$ 27,229 (at current values) in 2014, after a decrease (in real terms) of -0,7% over 2013. In 2013, the growth of the GDP per capita was 1.8% in relation to 2012.

The stability of the GDP was due to the change of 0.2% in the value added at basic prices and to the decrease (-0.3%) in the product taxes less subsidies. The result of the value added in this type of comparison influenced the performance of the three activities that comprise it. Agriculture (0.4%), Industry (-1.2%) and Services (0.7%). The decrease in the taxes reflects mainly the reduction in volume of the Import Tax (-4.7%) and in IPI (-1.7%) - attributable to a great extent to the negative performance of the manufacturing industry in the year.

The change in volume of the value added of Agriculture (0.4%) resulted from the performance of several important cultures, which registered production growth, such as soybeans (5.8%) and cassava (8.8%), but recorded productivity loss. It is also important registering that some crops had a negative change in the annual production estimate, as, for example, sugarcane (-6.7%), corn (-2.2%),coffee (-7.3%) and oranges (-8.8%).

In industry, the highlight was the growth of mining and quarrying industries, which advanced 8.7% in the year, influenced both by the rise in petroleum and natural gas extraction and the growth of the mining of ferrous ores. Civil construction and electricity, gas, water supply, sewerage and urban cleaning fell (-2.6%). The performance of the latter was influenced by the greater use of thermoelectric plants, particularly in the second quarter of the year.

The manufacturing industry decreased (-3,8%), influenced by the reduction of the value added of the car industry (including pieces and accessories) and the manufacture of machinery and equipment, electric devices and fabricated metal products. This result was partially offset by the growth of other activities, with a highlight to the pharmaceutical industry, the manufacture of cleaning products and toiletries ad the manufacture of beverages.

Among the activities under services, trade posted decrease (-1.8%). The other services accumulated growth in 2014, with a highlight to information services (4.6%), real estate activities (3.3%) and transportation, storage and mailing (2.0%). Public administration, education and health grew 0.5%, followed by financial intermediation and insurance (0.4%) and Other services (0.1%).

From the perspective of expenditure, the drop of the gross fixed capital formation (4.4%) stood out. This reduction resulted mainly from the fall of domestic demand and of imports of capital goods, also influenced by the negative performance of civil construction in the period. In 2013, the gross fixed capital formation grew 6.1%.

The household consumption expenditure decelerated in relation to the previous year (when it had grown 2.9%) and increased 0.9%. If, on the one hand, the workers' wage bill grew, in real terms, 4.1% between 2013 and 2014, on the other hand, the non-earmarked credit for individuals stopped growing in real terms. Government consumption expenditure grew 1.3%, but decelerated in relation to 2013 (2.2%).

As to the foreign sector, both exports (1.1%) and imports (-1.0%) of goods and services recorded drops. Among the exports, the negative highlights were car industry (including trucks and buses) and ships and floating structures. In contrast, basic metal products, pulp and wood products recorded growth. In the imports, the drop was pushed by machinery and equipment and car industry (including pieces and accessories). Growth was seen in diesel fuel, fabric and beverages.

The investment rate in 2014 was 19.7% of the GDP, below that of 2013 (20.5%). The savings rate was 15.8% in 2014 (against 17.0% in 2013).