In the same comparison, considering a seasonally adjusted series, the main highlight was industry (2.1%)...

 

 

 

In the same comparison, considering the seasonally adjusted series, the main highlight was industry (2.1%), followed by services (1.2%). Agriculture had negative change of 0.1%.

 

Compared to the second quarter of 2008, GDP faced decrease of 1.2%, a result of the decrease of 0.9% of value added at basic prices and of the reduction of 2.8% of excise tax.

 

Among the activities, the highlight in this comparison was services (2.4%). On the other hand, industry fell by 7.9% and agriculture, by 4.2%.

 

In four quarters (12 months), GDP increased 1.3% in relation to the four immediately previous quarters. Considering the index accumulated in the year (1st semester of 2009), GDP fell by 1.5% in relation to the same period in 2008, and services alone (2.1%), whereas industry (-8.6%) and agriculture (-3.0%) fell.

 

In terms of current values, GDP reached R$ 756.2 billion in the second quarter of 2009.

 

 

 

 

Compared to the first quarter of the year, in relation to the components of internal demand, the increase of household consumption expenditure was 2.1%. General government consumption expenditure had negative change of 0.1%. Gross formation of fixed capital (FBCF, the same as planned investment) remained stable, without change.  In the foreign sector, both exports and imports of goods and services present increase of 14.1% and 1.5%, respectively.

 

Only services increased in relation to 2008

 

GDP decreased by 1.2% in the second quarter of 2009, in relation to the same period in 2008; the value added at basic prices faced reduction by 0.9%; excise tax, by 2.8%; this result occurred mainly due to the contribution of industry, especially manufacturing industry and its decrease of the number of imports. The highlight in this comparison was services, which grew 2.4%, whereas industry fell 7.9%, and agriculture, by 4.2%.

 

The rate of agriculture can be mainly, as a result of the performance of some products which had a relevant harvest in the quarter and have estimated production decrease for 2009, as it is the case of soybeans, corn and coffee. The estimates for agriculture, silviculture and forest exploitation also indicate low performance in the quarter. 

 

In industry, all activities had negative rates. The main decrease was that of manufacturing industry (-10.0%), which was mainly affected by the reduced production of machinery and equipment, metallurgy, pieces and accessories, furniture, apparel and footwear. There was also decrease of 9.5% in construction; decrease of 4.0% in electricity and gas, water, sewage and urban cleaning; and reduction by 0.8% in mining and quarrying industry, where the extraction of iron ore fell by 27.4%; and the extraction of petroleum and natural gas increased 5.9%.

 

The result of services (2.4%) was a consequence of the positive changes in financial mediation and insurance (8.2%), which, once more rose at the same level of the third quarter of 2008; other services (7.3%); information services (6.8%), mainly due to the performances of mobile telephony and computer services; administration, health and public education (2.8%); and real estate and rents (1.4%). On the other hand, transportation (of cargo and passengers), storage and mailing services fell by 5.3% in the second quarter, as well as trade (wholesale and retail), which fell by 4.0% - both affected by the result of manufacturing industry.

 

Household consumption expenditure increased for the twenty-third consecutive quarter

 

Also in relation to the second quarter of 2008, in terms of internal demand, household consumption expenditure reached the positive rate of 3.2%, the 23^rd consecutive increase on this basis for comparison.

One of the factors accounting for this result was the behavior of real salary volume, which increased 3.3% in the second quarter of 2009. Besides, there was increase of 20.3%, in nominal terms, of the balance of credit operations with free resources of the financial system with free resources for natural persons.

 

General government consumption increased 2.2% in this comparison, whereas the gross formation of fixed capital decreased by 17.0%, the biggest reduction in this basis for comparison since the beginning of the series, in 1996. This can be mainly seen as a consequence of the internal production of machinery and equipment. In terms of external demand, both exports (-11.4%) and imports (-16.5%) of goods and services remained in decline.

 

In terms of production, only industry had negative rates accumulated in 12 months

 

Considering the index accumulated in the four quarters which ended in the second quarter of 2009, GDP grew by 1.3%, in relation to the four immediately previous quarters, with rise of 1.2% of value added and 1.6% of excise tax. In this comparison, services grew by 3.1%; agriculture, by 0.2%; and industry, by 3.0%.

 

The graph below, which shows the evolution of GDP accumulated in four quarters since 1996, shows how, after rise of 3.3% in the second quarter of 2006, there was significant increase of the rate, which reached 6.3% in the third quarter of 2008, decreasing to 1.3% in the second quarter of 2009.

 

 

Among the industrial activities, the highlight is mining and quarrying industry (1.5%), followed by  mining and quarrying industry (1.5%), followed by electricity and gas, water, sewage and urban cleaning (stable at 0.2%). On the other hand, manufacturing industry faced reduction of 5.2%, and construction, of 1.3%.

 

In services, the main increases occurred in information services (7.8%); financial mediation and insurance (6.9%); and other services (6,1%). There was also increase in public administration,  health and education (2.9%) and real estate services and rent (2.0%). On the other hand, there was decrease in transportation, storage and mailing (-1.8%); and trade (-0.4%).

 

In the analysis of demand, general government consumption expenditure increased 4.2%, followed by  household consumption expenditure (3.5%). Gross formation of fixed capital decreased 2.2%, after 20 quarters with increase in this basis for comparison. In the foreign sector, both exports (-7.6%) and imports (-0.8%) of goods and services decreased.

 

GDP fell 1.5% in the first semester of 2009

 

 

In the first semester of 2009, GDP fell 1.5%, compared to the figure in the same period of 2008; there was increase only among services (2.1%) and decrease in industry (-8.6%) and agriculture (-3.0%).

 

All the four activities of industry presented negative rates in the comparison by semester; the main decrease occurred in manufacturing industry (-11.2%), followed by construction (-9.6%); electricity and gas, water, sewage and urban cleaning (-4.1%); and mining and quarrying industry (-0.9%).

 

In services, most increases were those of other services (7.2%); financial institutions and insurance (7.0%); information services (6.1%); public administration, education and health (3.0%); and  real estate services and rent (1.5%). Transportation, storage and mailing services (-5.4%) and trade (-5.0%) faced decrease.

 

In the analysis of internal demand of comparison by semester, the highlights are the increases of 2.5% of general government consumption expenditure and 2.3% of household consumption expenditure. Gross formation of fixed capital, on the other hand, fell 15.6%. By analyzing the external market, imports (-16.3%) and exports (-13.1%) of goods and services decreased.

 

In terms of current values, GDP closes 2^nd semester at R$ 756,2 billion

 

In the second quarter, GDP at market prices reached R$ 756.2 billion, being R$ 652.4 billion relative to value added and R$ 103.8 billion to excise tax.

 

Agriculture had R$ 56.1 billion; industry, R$ 163.4 billion; services, R$ 432.9 billion.  Household consumption expenditure amounted to R$ 471.2 billion; general government consumption, to R$ 155.9 billion; and gross formation of fixed capital, R$ 118.8 billion.

 

The balance of goods and services  had a surplus of R$ 7.6 billion, and the change of stocks was positive by R$ 2.8 billion.

 

 

 

 

 

The investment rate of the second quarter of 2009 represented 15.7% of GDP, and was below that of the same period in the previous year (18.5%). Savings rate was 15.0%.

 

 

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¹ The series of agriculture, industry, services, value added, GDP, general government consumption expenditure, household consumption expenditure, gross formation of fixed capital, exports and imports are adjusted individually.

 

² According to The Systematic Survey of Agricultural Production (LSPA/IBGE- Julho), released in August.

 

³ According to the Monthly Employment Survey (PME/IBGE).

 

⁴ According to the Press Release “Política Monetária e Operações de Crédito do Sistema Financeiro”.