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GDP changes 0.2% in relation to Q1 and hits R$1.6 trillion

September 01, 2017 09h00 AM | Last Updated: September 12, 2017 09h20 AM

In the seasonally-adjusted series, the Gross Domestic Product (GDP) changed 0.2% in the comparison between the first quarter and the second quarter of 2017. In the comparison with the second quarter of 2016, the GDP changed 0.3%. The cumulative GDP over four quarters fell 1.4% in relation to the prior four quarters.  Conversely, in the first semester of 2017, the GDP recorded no change in relation to the first semester of 2016. At current values, the GDP reached R$1.639 trillion in the second quarter of 2017. See the complete survey here.

 

COMPARISON PERIODS INDICATORS
GDP AGRIC INDUS SERV GFCF HOUS. CONS. GOV. CONS.
Quarter / previous quarter 
(c/ ajuste sazonal)
0.2% 0.0% -0.5% 0.6% -0.7% 1.4% -0.9%
Quarter / same quarter a year ago 
(not seasonally-adjusted)
0.3% 14.9% -2.1% -0.3% -6.5% 0.7% -2.4%
Cumulative in 4 quarters / same period a year ago (not seasonally-adjusted) -1.4% 6.2% -2.1% -1.7% -6.1% -1.9% -1.2%
Current values in the quarter (R$ billion) 1,639.3 82.4 298.7 1,041.7 253.9 1,023.3 336.1
INVESTMENT RATE (GFCF/GDP) Q2 2017 = 15.5%
SAVINGS RATE (SAV/GDP) Q2 2017 = 15.8%

 

The following table summarizes the main results for the GDP in the last five quarters:

Main results of GDP at market prices of Q2 2016 to Q2  2017

 

 

 

 

 

 

Rates (%)

2016.II

2016.III

2016.IV

2017.I

2017.II

Cumulative in the year / same period a year ago

-4.5

-4.0

-3.6

-0.4

0.0

Last four quarters / four previous quarters

-4.8

-4.4

-3.6

-2.3

-1.4

Quarter / same quarter a year ago

-3.6

-2.9

-2.5

-0.4

0.3

Quarter/ same quarter a year ago (seasonally-adjusted)

-0.4

-0.6

-0.5

1.0

0.2

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

 

 

 

Household consumption stands out and grows compared to Q1

In the seasonally-adjusted series, the GDP changed 0.2% in the comparison with the first quarter of 2017. Agriculture recorded a null change (0.0%), Industry fell 0.5% and Services grew 0.6%.

In Industry, there was decrease of 2.0% in construction and of 1.3% in electricity and gas, water supply, sewage and urban cleaning. Mining and quarrying changed 0.4% and the manufacturing industry held stable (0.1%).

In services, the positive results were seen in: trade (1.9%), real estate and other services (0.8%) and transportation, storage and mailing activities (0.6%). Information services fell 2.0% and public health and administration (-0.3%) and financial intermediation and insurance (-0.2%) recorded negative changes.

From the perspective of expenditures, Household consumption grew again after nine months, expanding 1.4%. Government Consumption (0.9%) and Gross Fixed Capital Formation (-0.7%) recorded decrease. In the foreign sector, Exports of Goods and Services recorded positive change of 0.5%, whereas the Imports of Goods and Services fell 3.5% in relation to the first quarter of 2017.

Compared to Q2 of 2016, agriculture grows whereas industry and services fell

When compared to the same period a year ago, the GDP presented a positive change of 0.3% in the second quarter of 2017, after 12 consecutive quarters with negative results. The Value Added at basic prices had a positive change of 0.3% and Net Taxes on Products remained virtually stable (0.1%).

Among the activities, Agriculture grew 14.9% in relation to the second quarter of 2016. This result is attributable, to a great extent, to the performance of some products that have a relevant crop in the second quarter and to the productivity, according to the Systematic Survey of Agricultural Production (LSPA) of August. Except for coffee, which had a decrease of 7.0% in the annual production forecast, the other cultures registered increase in the estimate of annual production and productivity gain: corn (56.1%), soybean (19.7%) and rice (16.3%).

Industry had decrease of 2.1%. In this context, the manufacturing industry fell 1.0%, influenced mainly by the decrease in the production of transportation equipment (except motor vehicles), electrical machinery and apparatus, petroleum derivatives and biofuels and food and beverages.

Construction also suffered a reduction in the volume of value added: -7.0%. Conversely, the mining and quarrying industries expanded by 5.9%, leveraged by the growth of petroleum, natural gas and ferrous mineral extraction. The activity of electricity, gas, water supply, sewage and urban cleaning, in turn, recorded a negative change of 0.5%.

The value added of Services had a negative change of 0.3%, with a highlight to the 2.5% decrease of information services - activity which includes telecommunications, TV, radio and cinema, news edition, books and magazines, data processing and other services related to information and communication technologies (ICTs) - and the 2.1% drop in financial intermediation and insurance. Other activities registering drops were public administration, health and education (-1.3%) and transportation, storage and mailing (-0.5%).

Wholesale and retail trade and real estate activities grew, both of them, 0.9%, followed by other services, which presented a positive change of 0.3%.

After nine drops, household expenditures grow again against Q2 2016

After nine quarters of decrease, Household Consumption Expenditure recorded again a positive result: 0.7% of growth in the comparison with the same period of 2016. This result was influenced by the evolution of some macroeconomic indicators along the quarter, such as the deceleration of inflation, the reduction of the basic interest rate and the real growth of the wage bill.

The gross fixed capital formation shrank 6.5% in the first quarter of 2017, the 13th consecutive drop. This decline is attributable mainly to the drop in the imports of capital goods and to the negative performance of construction in this period. Government Consumption Expenditure, in turn, contracted 2.4%.

In the foreign sector, Exports of Goods and Services recorded positive change of 2.5%, whereas the Imports of Goods and Services fell 3.3% in the second quarter of 2017. Among the exports of goods, the highest ones were the increases seen in motor vehicles, petroleum and natural gas, agricultural products and paper and pulp. Conversely, the most relevant drops were seen in machinery and equipment, transportation equipment (except motor vehicles), metallic minerals, electrical machinery and apparatus and metal products.

GDP had null change (0.0%) in the first semester

In the 1st semester of 2017, the GDP recorded no change in relation to the same period of 2016, after a 2.7% decrease in the second semester of 2016. In this basis of comparison, the positive highlight goes to Agriculture (15.0%). While Industry and Services fell, respectively, 1.6% and 1.0%.

Analyzing the domestic demand, considering the comparisons per semester, the highlight is the 5.1% drop in the gross fixed capital formation. Household Consumption Expenditure fell 0.6%, whereas Government Consumption Expenditure decreased by 1.9%. Concerning the external sector, the Imports of goods and services recorded expansion of 2.9%, whereas the Exports grew 2.2%.

Investment rate reaches 15.5% of the GDP in Q2

The Gross Domestic Product in Q2 of 2017 reached R$ 1,639 trillion, of which R$ 1.422 trillion was related to the value added at basic prices and R$ 216.5 billion to net taxes on products.

The investment rate in the second quarter of 2017 was of 15.5% of the GDP, lower than the rate related to the same period a year ago (16.7%). The savings rate was 15.8% in the second quarter of 2017 (against 15.6% in the same quarter of 2016).