The System of National Accounts, which includes the calculation of GDP, now has year 2000 as its reference and includes data of annual economic and household surveys. It also presents tax data about juridical persons, among other improvements.

The Brazilian Institute of Geography and Statistics (IBGE) has released the new series of the System of National Accounts. This series includes the annual surveys of IBGE, annual data of the Legal Entity Economic and Tax Related Information Declaration (DIPJ), the aggregated of the National Economic Activities Classification (CNAE), the results of the 2003 Consumer Expenditure Survey, the Agricultural Census of 1996 and also updated concepts and definitions and the latest Recommendations by the United Nations and other international institutions.

The new series of national accounts has the year 2000 as its initial reference the year 2000. There are more details of activities and products of the Tables of Resources and Uses and of institutional sectors for the Integrated Economic Accounts. For the period before 2000 there was the backcalculation of data until 1995, considering the availability of information and an estimate of a new series of Tables of Resources and Uses for the classification of the previously released system, connected to the new series in the year 2000.

The nominal values, volume change rates and the changes of current values in the old and in the new series of the Gross Domestic Product are presented in the table below, for the period 2000-2005. According to the periodicity of releases of the new series of National Accounts, the data for the years 2000 up to 2003 are permanent, because they include the annual surveys of IBGE and of DIPJ. For 2004 the data are considered semi-permanent, once they do not include the information of DIPJ. For 2005 the data are preliminary, because they were estimated based on the sum of the quarters. In the end of 2007 will be released the permanent data of 2004 and 2005; the quarterly series of 2006 will be revised.

In 2005, the GDP estimated in the new series of National Accounts was R$ 2,148 trillion, and was 10.9% above the figure estimated in the previous series. The change rate in relation to the previous year was 2.9%, whereas in the old series it had been 2.3%.

The data relative to 2000 show that the current value of GDP this year was reestimated: it is R$ 1,179 trillion, representing an increase of 7.1% in relation to the previous figure. The change rate in volume became 4.3%, whereas in the previous series it was 4.4%.

The figures for GDP per capita in the period 2000-2005 are shown below. Since the population estimate has not changed, the differences result from the revision of the current values of GDP.

Composition of the Gross Domestic Product

The tables below show the values at current prices, the composition of GDP by the sum of the value added and the excise taxes.  Once in the new series there was a reclassification of COFINS (Contribution for the Financing of Social Security), which started to be considered a tax on products and no longer a tax on production, the difference between the new and the old series must be analyzed considering the evolution of these two contributions.  

In 2000, the value added estimated in the new series was R$ 1,022 trillion, and the excise tax was R$ 157,834 billion, having increased 4.1% and 32.2% in relation to the previous data, respectively.

The result for 2005 shows that, in the figures estimated in the new series, the value added at current prices increased 7.1% and the excise tax, 41.8% in relation to the previous data. In this new percentage distribution, value added and excise tax now account for 86.2%  and 13.8% of the GDP, respectively.

Productive Structure

The table below presents the participation of economic activities in the value added at basic prices. In terms of comparison, the activity FISIM, which was part of the old series, was redistributed among the activities so that the comparison between the two series of national accounts would be possible.

 The incorporation of the Annual Surveys of Industry, Trade, Services and Construction reformulated by IBGE in the second half of the 1990’s, and of the information in the Legal Entity Economic and Tax Related Information Declaration – DIPJ created a new system of information which allows the System of National Accounts to provide more detailed current annual data about the Value Added of Enterprises. There are, in this case, more details about the activities and products released, similarly to what occurs to Information Services.

In relation to the old series, the main structural change refers to the increase of the participation of Services over 10 percentage points (from 56.3% to 66.7%). The exceptions were Administration, Health and Public Education, and also Rents and Real Estate Activities, which slightly reduced its participation in the Value Added. In the new methodology, the aggregated value of agriculture and industry is reduced in both relative terms (2.1 and 8.4 percentage points) and in absolute terms (over 20%), mainly due to a bigger percentage participation of Services.

Composition of GDP in terms of demand

In terms of demand (table above), the new series has a bigger the participation of household consumption in GDP; it also brings data about the consumption expenses of non-profit institutions (1.4% of the GDP). The main source used in the new annual estimate of the Final Household Consumption is the Consumer Expenditure Survey (POF). The data from POF were projected for the current years based on the annual data of the National Household Sample Survey (PNAD).

A reduced contribution of Gross Formation of Fixed Capital is observed. It is a consequence of the decrease of the aggregated value of Construction, although the participation of machinery and equipment has increased by almost two percentage points. In this case, IBGE will now include, annually, the information of DIPJ. This way it is possible to estimate the current value of Gross Formation of Fixed Capital of companies, and the data of the annual surveys of industry and construction in order to estimate demand.

Composition of GDP in terms of income

Considering the formation of GDP in terms of income, the contribution of the compensation of workers increased from 37.9% to 40.5%, whereas the Gross Operational Surplus fell from 40.6% to 34.0%. This change in the formation of the functional distribution of income remains in the other years of the series.

Among the changes made in the new series, it was possible to measure the mixed income, which changed from 5.3% to 11.4% of the GDP in 2000. The table below shows the participation of the components of income in the GDP for the period 2000 – 2003 in the two series of national accounts. For 2004, there are only the data of the new series, because the account of the components of value added for this year has not been released yet.

Within the compensation, there was increase of the participation of salaries in GDP and decrease of the social contributions caused by the new estimate of contribution of public state and municipal administration.

Integrated Economic Accounts 2000-2003 

The Integrated Economic Accounts, in the new series of the System of National Accounts, besides presenting the results for the institutional sectors previously released in the old series – Non-Financial Enterprises, Financial Enterprises, Public and Household Administration – also brings data on the sector Non-Profit Private Institutions Serving Households, which was part of the Household Sector in the old series.

In the following table are displayed the results for value added for the economy and by institutional sector. The sectors Non-Financial Enterprises and Financial Enterprises obtained higher results in the new series, whereas Public Administration had little change. There was decrease in 2000 and slightly higher figures in the other years. The sector Households generated lower value added for the entire period in the new series.

The increase of value added of economy in the new series is affected by the increase of the value added of Non-Financial Enterprises, a sector which accounts for 51% of the value added of economy. Its measurement in the new series has as its data source the economic surveys of IBGE, and the information of DIPJ. Also important to this result was the redefinition of the family sector, which, in the old series, considered all the agriculture and micro enterprises. In the new series, the industrial part of agriculture and the micro enterprises were reclassified for the sector Non-Financial Enterprises. It explains, on the other hand, part of the decrease of value added in the Household sector.

In the sector Financial Enterprises, the increase of value added in the new series resulted from some conceptual changes in the estimate of FISIM, and from the improvement of coverage in the sector, with information of DIPJ. The sector Non-Profit Institutions Serving Households presented little significant results, which is not unusual for non-profit entities: NGO’s, political parties and religious organizations.   

Macroeconomic indicators

The main indicators of economy based on the results of the national accounts are presented in the table below, for the old and for the new series. These aggregates allow an evaluation of the period, as well as of the impact of the revised series of national accounts.

The graph below shows the evolution of the Gross Domestic Product in the old and in the new series: