The new series of the System of National Accounts of IBGE adopts 2010 as the year of reference and includes the recommendations of the newest review of the National Accounts Manual organized by the UN, IMF, OECD and the World Bank. Besides the methodological changes, the new series brings a more detailed classification of products and activities, integrated to CNAE 2.0, and incorporates data from the 2006 Census of Agriculture and from the Consumer Expenditure Survey (POF) 2008/09. More details on http://saladeimprensa.ibge.gov.br/noticias?view=noticia&id=1&busca=1&idnoticia=2841

The National Accounts System (SCN 2010) is still based on the Table of Resources and Uses (TRU) and the Integrated Economic Accounts (CEI). A retropolation of the data up to 2000 was also carried out by estimating the new TRU series. The new series of the Quarterly National Accounts (up to 2014) will be released on 03/27 and the ultimate annual results of 2012 and 2013 will be known in November. The technical notes on the methodological and conceptual updating of the new series of the 2010 SCN are available on https://www.ibge.gov.br/home/estatistica/ecnomia/contasnacionais/2009/default_SCN_2010.shtm.

In the new series, the GDP reached R$ 3.887 trillion, in 2010, and R$ 4.375 trillion in 2011 and the changes in volume were 7.6% and 3.9%, respectively. On average, the current values of the GDP from 2000 to 2011, in the new series, were 2.1% above of the old series' value. In this period, the annual average growth rate was revised from 3.5% in the previous series to 3.7% in the 2010 SCN. See the comparison among the two series in table 1, below.

 The results between 2000 and 2009 correspond to the new retropolated series. The comparison for the years 2010 and 2011 is made between the 2010 series and the figures obtained by the System of Quarterly Accounts -SCT.

Below, table 2 brings the GDP per capita values between 2000 and 2011, in the new and old series. As the population estimate was not altered, the changes just result from the review of current values taken from the GDP. The revised series of the GDP deflator is also presented in this table.

 Productive structure and GDP composition from the perspective of expenditure

From the perspective of production, the review of the series did not have a significant impact on the economic structure when disaggregated in the three major groups of activity. There was a small reduction in the participation of Agriculture and Industry and a consequent rise in Services. Table 3 presents the contribution of the economic activities to the value added at current prices (production perspective) and the GDP components from the perspective of expenditure.

The opening of the activity groups for 2010 (Table 3.1) shows the impact of the inclusion of changes in the classification of the activities (CNAE 2.0). A good example is Services, which have gained weight in the new series of the SCN because of the transfer of the activity edition of books, papers and magazines to the services sector.

From the perspective of expenditure, with the methodological review of the 2010 SCN, the investment rate grew (contribution of the Gross Fixed Capital Formation to the GDP): from 19.5% to 20.6%, in 2010 and from 19.3 to 20.6%, in 2011, as shown in graph 1, below. The concept of (GFCF) was expanded, comprehending expenditures with products of intellectual property - P&D, software and mineral extraction - previously considered as intermediate consumption.

  GDP composition from the perspective of income

The release of the National Accounts, from 2010 on, was carried out based on the System of Quarterly Accounts which makes available just the composition of the GDP from the perspective of expenditure without the division by institutional sectors. This way, the GDP components by the perspective of income and the CEI by institutional sectors are released for the first time for the years 2010 and 2011.

The contribution of the compensation of the employees grew 41.6% to 42.2% of the GDP in two years, whereas there was a slight reduction of the contribution of the gross mixed income and the gross operating surplus, which registered 8.3% and 33.4%, respectively, in 2011. (table 4)

Integrated Economic Accounts

In the 2010 SCN, the CEI registered the results for the same institutional sectors already released in the old series up to the year 2009 (Non-financial enterprises, Financial enterprises, Government, houdeholds, Non-profit private institutions serving households and for the overall result of the national economy). Thus, the Gross National Income (GDP plus income of the production factors sent to the rest of the world or received from the rest of the world) was R$ 3.82 trillion in 2010 and R$ 4.30 trillion in 2011. The net payment of the property incomes to the rest of the world grew 14.6%, moving from R$ 65.4 billion in 2010 to R$ 74.9 billion in 2011.

The growth of final consumption expenditure (12.2%) a little lower than the Gross National Income (12.5%) made savings increase 13.9%, moving from R$ 746.9 in 2010 to R$ 850.8 in 2011. The 12.6% growth of the gross formation of capital, which moved from R$ 847.2 billion in 2010 to R$ 954.1 in 2011 and the increase of the net capital transfers received (R$ 2.0 billion in 2010 and 2.6 billion in 2011) made the net borrowing of the country grow from 98.3 billion in 2010 to R$ 100.6 billion in 2011.

The Internet sector had an important contribution to the growth of the GDP in this period. In 2011, the total increase of the employment and of the average nominal income was of 1.5% and 9.4%, respectively. Household consumption grew 12.8% and the GFCF, 12.8%. Despite the negative external balance of goods and services (R$ 40.5 in 2010 and R$ 33.7 billion in 2011), these factors allowed the institutional sector 'non-financial enterprises' to contribute with 55.6% of the income generated in the country in 2010 and with 56.5% in 2011.

Even with the high contribution in the income generated, the non-financial enterprises recorded net borrowing of R$ 101.9 billion in 2010 and of R$ 124.4 billion in 2011. The main reason was the increase in the GFCF, which moved from R$ 432.7 billion in 2010 to R$ 502.6 billion in 2011 (+16.2%). The domestic market and the expansion of credit offer (45.2% of the GDP in 2010 and 49.2% of the GDP in 2011) favored the sector financial enterprises, which recorded net lending of R$ 94.6 billion in 2010 and R$ 103.3 billion in 2011. In 2011, both the increase of the SELIC rate of 2.2 p.p. (to 11.7% in the year) and the bank spread of 3.4 p.p., contributed to the increase of the net lending. In table 5, the value added and the net lending/borrowing by institutional sector in the new series for 2010 and 2011.

 The government recorded reduction of the net borrowing in 2011 in comparison with 2010; this was partially attributable to the positive influence of taxes over income and assets (+19.9%) in contrast with a less significant change of the components of uses, particularly of final consumption (+10.6%) and the reduction of the gross fixed capital formation (-1.9%) in the period.

The net lending of the sector of households stayed stable from 2010 to 2011 (R$ 17.6 billion). Despite the increase in the final consumption and of GFCF (both at 12.8%, in the two-year period), the strong increase of the household’s remunerations and properties' earnings (received interest and dividends), were responsible for the sector's net lending.

Macroeconomic indicators

A set of selected indicators from the national accounts is presented in Table 6 making it possible to analyze the review of the results.

Graph 2, below, compares the current values of the GDP, from 2000 to 2011, before and after the methodological review.

At last, in graph 3, below, the changes in volume of the gross value added for the economic activities, in 2011: