In the seasonally adjusted series, the GDP rose 0.2% in relation to the fourth quarter of 2013. Agriculture increased 3.6%, Services, 0.4% and Industry declined 0.8%.

Compared with the same period in 2013, the GDP rose 1.9% in the first quarter of the year. Value Added at basic prices increased 1.8% and Excise Taxes, 2.4%. Agriculture rose 2.8%, Industry, 0.8% and Services, 2.0%.

The cumulative GDP increased 2.5% in the last four quarters. Value Added rose 2.3% and Excise Taxes, 3.5%, reflecting the following performances: Agriculture (4.8%), Industry (2,1%) and Services (2.2%).

At current values, the GDP reached R$ 1.204 trillion. The investment rate was 17.7% of the GDP, lower than that registered in the first quarter last year (18.2%).
The savings rate was 12.7% against 13.7% in the same period in 2013.
The complete publication can be accessed on page  www.ibge.gov.br/english/estatistica/indicadores/pib/defaultcnt.shtm.

PIM-PF reformulation incorporated into GDP

Starting in the release of the first quarter of 2014, the results of the new series of indexes of industrial output - produced by the reformulated Monthly Industrial Survey of Physical Production (PIM-PF) - were incorporated into the calculation of the Quarterly National Accounts. The data retroacted to 2013. The primary database was updated with the revision of the 2013 series of the National Accounts (Table I.1):

GDP rises 0.2% over the last quarter of 2013

In the seasonally adjusted series, the GDP positively changed 0.2% in relation to the fourth quarter of 2013. Agriculture (3.6%) and Services (0.4%) increased, but Industry declined 0.8%.

Among Industry subsectors, Manufacturing industry (-0.8%) and Civil construction (-2.3%) decreased over the previous quarter, whereas Mining and quarrying industries (0.5%) and the activity of Electricity and gas, water, sewage and urban sanitation (1.4%) increased.

Among Services, the positive highlights were Financial intermediation and insurance (1.2%), Real estate activities and renting (0.9%), Transportation, storage and mailing (0.8%) and Public administration, health and education (0.4%). Concerning the drops, the highlights were Information services (-5.2%) and Other services (-0.7%). On its turn, Trade (-0.1%) remained virtually stable over the last quarter of 2013.

The Government Consumption Expenditure increased 0.7%. The Gross Fixed Capital Formation declined 2.1% and the Household Consumption Expenditure remained virtually stable (-0.1%).

Exports of Goods and Services fell 3.3%, while Imports expanded 1.4%.

GDP rises 1.9% over the first quarter of 2013

When compared with the same period last year, the GDP increased 1.9% in the first quarter of 2014. The Value Added at basic prices increased 1.8% and the Product Taxes less Subsidies, 2.4%.

Agriculture grew 2.8% over the same period a year ago, influenced by the performance of some relevant products in the quarter, as well as by the productivity, according to the Systematic Survey of Agricultural Production released in May 2014. Among the agricultural products which produced significant harvests in the first quarter and registered highs, the highlights were: soybeans (6.3%), rice (7.7%), cotton (23.5%) and tobacco (0.4%). Conversely, corn declined 7.2%.

Industry rose 0.8%. In this context, Manufacturing industry declined 0.5%, due to the reduced manufacturing of fabricated metal products; electric machines and devices; motor vehicles; textiles; furniture; leather articles; and tobacco products.

Civil construction also reduced the volume of value added by 0.9%. On its turn, Electricity and gas, water, sewage and urban sanitation rose 5.2%, leveraged by the residential consumption of electricity. Mining and quarrying grew 5.4% over the first quarter of 2013.

The value added of Services rose 2.0%, highlighted by Information services (4.4%), which includes telecommunications, TV, radio and cinema activities, computer sciences and other services related to information and communication technologies (ICTs).

Transportation, storage and mailing  - which encompasses cargo and passenger transportation - expanded 4.0%, followed by Financial intermediation and insurance (2.6%), Trade - wholesale and retail - with 2.2%, Real estate services and renting (2.0%) and Public administration, health and education (1.9%). Other services - which includes services rendered to families, commercial health, commercial education, housing and food services, associative services, domestic services and services of maintenance and repair, in addition to services provided to enterprises - grew 0.5% in the quarter.

In regard to the internal demand, Household Consumption rose 2.2%, recording the 42nd consecutive rise in this comparison. The real increase of the effective wage bill from all jobs was one of the factors which contributed to this result: 4.0% in the first quarter of 2014. Government Consumption also rose (3.4%).

After increasing in the four quarters of 2013, Gross Fixed Capital Formation declined (-2.1%) in the first quarter of 2014, mainly due to the reduced imports of capital goods, as well as to the decline in construction and in the internal manufacturing of capital goods.

Both Exports and Imports of Goods and Services grew (2.8% and 1.4%, respectively). Among the exports of goods, the highlights were: machines and tractors; oil refining and petrochemicals; petroleum and coal; and agricultural products. In imports, the highlights were electronic material; basic metals; steel industries, pieces and other vehicles; and chemicals.

GDP posts cumulative rise of 2.5% in last four quarters

The cumulative GDP in the four quarters ended in the first quarter of 2014 rose 2.5% over the immediately previous four quarters. This rate was the result of the increase of 2.3% in Value Added at basic prices, as well as of the increase of 3.5% in Products Taxes less Subsidies. The activities of Agriculture (4.8%), Industry (2.1%) and Services (2.2%) rose in this comparison basis.

All the industrial activities registered positive figures: Electricity and gas, water, sewage and urban sanitation (3.6%), Manufacturing industry (2.6%), Civil construction (1.7%) and Mining and quarrying (0.6%).

As to Services, the highlights were Information services (5.9%) and Transportation, storage and mailing (3.8%). The other activities also grew: Trade (3.0%), Real estate services and renting (2.2%), Public administration, education and health (2.2%), Financial intermediation and insurance (1.9%) and Other services (0.4%).

On the side of the demand, Gross Fixed Capital Formation grew 4.1%, followed by Household Consumption (2.5%) and Government Consumption (2.2%).

In the foreign sector, Imports of Goods and Services remained higher than Exports of Goods and Services: 6.8% against 4.5%, respectively.

Investment rate is 17.7% and savings rate, 12.7%

In the first quarter of 2014, the investment rate was 17.7% of the GDP, below that reported in the same period last year (18.2%). Also in the first quarter of 2014, the savings rate was 12.7% (against 13.7% in the same period in 2013).