In relation to the first quarter of 2010, the Gross Domestic Product (GDP)1 at market prices of the second quarter of 2010 increased 1.2%...

 

 

 

 

In relation to the first quarter of 2010, the Gross Domestic Product (GDP)¹ at market prices of the second quarter of 2010 increased 1.2%, taking into consideration the seasonally adjusted series². Agriculture recorded the highest increase (2.1%), followed by industry (1.9%) and services (1.2%).

 

In comparison to the second quarter of 2009, GDP increased 8.8%. Among economic activities, industry (13.8%) stood out, followed by agriculture (11.4%) and services (5.6%).

 

In the accumulated of the four quarters closed in the second quarter of 2010, growth was 5.1% in relation to the four immediately previous months. In the accumulated of 2010, in relation to the same period of 2009, GDP changed 8.9%. GDP in current values reached R$ 900.7 billion.

 

 

 

 

 

The investment rate in the second quarter of 2010 was 17.9% of GDP, superior to the rate relative to the same period of the previous year (15.8%). The savings rate (18.1%) also surpassed that of 2009 (16.0%).

 

 

In relation to the first quarter of 2010, agriculture was the activity with the highest growth

 

GDP grew 1.2% in the comparison of the second quarter of 2010 against the first quarter of the year, and the highlight was agriculture (2.1%), followed by industry (1.9%). Services presented growth of 1.2%.

 

In relation to components of internal demand, the highlight was gross formation of fixed capital (GFFC, or planned investment), with an expansion of 2.4% in the second quarter of the year. Household consumption expenditure grew 0.8%, whereas public administration consumption expenditure grew 2.1%.

 

Considering the external factor, both exports (1.0%) and imports of goods and services (4.4%) presented growth.

 

In relation to the same quarter of the previous year, industry had the best performance

 

In comparison to the second quarter of 2009, GDP increased 8.8%, with value added increasing 8.2% and excise taxes, 12.6%. Among the activities, even decreasing in relation to the previous quarter, industry stands out (13.8%). On the other hand, agriculture increased 11.4%, followed by services, with a 5.6% increase.

 

All industrial activities presented two-digit growth, with the highest increase in civil construction (16.4%), greatly because of the expansion of destined credit, in nominal terms, of 34.0%. Besides, there was an increase of 14.1% in mining and quarrying industry, followed by manufacturing industry (13.8%), and by electricity and gas, water, sewerage and urban cleaning (10.8%).

 

The rate of agriculture may be partially explained by two factors: productivity increase and performance of some crops that have a relevant harvest in the quarter³. This is the case, for example, of soy, coffee, corn, and cotton, with estimates of production increase, in 2010, of 19.8%, 13.2%, 4.4% and 2.2%, respectively. On the other hand, rice, whose harvest is also significant in the period, presented production decrease of the order of 10.3%.

 

Among services, all activities recorded positive variations, with highlights being trade (wholesale and retail), with growth of 11.8%; transportation, storage and mail (11.2%); and financial mediation and insurance (9.8%). Information services increased 3.4%. The activity other services, which besides services rendered to enterprises, comprises services rendered to families, mercantile health, mercantile education, lodging and feeding services, associative services, household services and maintenance and repair services, increased 2.6%. The same performance had the activity of administration, health and public education (2.6%). Finally, real estate and rent services increased 1.9%.

 

In relation to 2009, gross formation of fixed capital had the highest increase of the time series

 

Among the components of internal demand, household consumption expenditure increased 6.7%, the 27^th consecutive positive variation in this comparison. One of the factors that contributed to this result was the growth of 7.3% in real salary volume, in the second quarter of 2010, and, in the same period, the nominal increase of 17.1% in the balance of credit operations for natural persons. Public administration consumption expenditure increased 5.1%.

 

The main highlight came from gross formation of fixed capital, with an expansion of 26.5% in relation to the second quarter of 2009, the highest increase since the beginning of the time series, in 1996. Among the factors that contribute to explain this increase, highlights are the expansion of internal production and the import of machinery and equipment, as well as the behavior of the basic interest rate Selic in the period, besides the low basis for comparison of the second quarter of 2009.

 

On the side of external demand, exports (7.3%) and imports of goods and services (38.8%) presented growth. Exchange rate appreciation helps to explain the highest relative growth of imports, and the products that most contributed to this result were: ironworks, petroleum refining and petrochemicals; vehicles; textiles; rubber; electronic equipment; mining and quarrying industry; electric material.

 

In 12 months, highlights were also industry and investment

 

The GDP accumulated in the four quarters closed in the second quarter of 2010 increased 5.1% in relation to the four immediately previous quarters, result of the increase of 4.7% of value added at basic prices and the increase of 7.6% on excise taxes. The result of value added in this comparison was due to the following performances: industry (5.6%), services (4.5%) and agriculture (1.6%).

 

Among industrial activities, the highlight was mining and quarrying industry (7.6%), followed by manufacturing industry (5.9%), civil construction (5.5%) and electricity and gas, water, sewerage and urban cleaning (4.1%). In services, major increases occurred in financial mediation and insurance (8.4%), trade (7.7%) and transportation, storage and mail (6.3%).

 

In the analysis of demand, gross formation of fixed capital grew 8.9%, followed by household consumption expenditure (6.9%). Public administration consumption expenditure, in its turn, increased 3.4%. In the external sector, exports (0.7%) and imports (12.7%) presented growth.

 

After the decrease in 2009, GDP had the highest increase of the time series in the first quarter

 

In the first quarter of 2010, GDP increased 8.9% in relation to the same period of 2009. It was the best performance for a half year since the beginning of the time series, in 1996. On the same basis for comparison, industry increased 14.2%, followed by agriculture (8.6%) and services (5.7%).

 

Among the four activities of industry, the highest increases were those of civil construction (15.7%) and manufacturing industry (15.4%). Also, mining and quarrying industry (13.9%) and the activity of electricity and gas, water, sewerage and urban cleaning (9.5%) had positive variations. In services, the highest rises were those of trade (13.5%) and transportation, storage and mail (11.8%). The activities financial mediation and insurance (9.4%), information services (3.0%), other services (2.5%), administration, education and public health (2.5%) and real estate and rent services (1.9%) also recorded expansion.

 

In the analysis of internal demand, once again the highlight was the 26.2% increase of gross formation of fixed capital – the highest in the time series initiated in 1996 –, followed by household consumption expenditure (8.0%) and public administration consumption expenditure (3.6%). Analyzing the external sector, imports (39.2%) had the highest increase of the series and recorded expansion superior to that of exports (10.5%).

 

GDP reached R$ 900.7 billion in the second quarter of 2010

 

GDP at market prices, for the second quarter of 2010, reached R$ 900.7 billion, being R$ 769.5 billion relative to value added and R$ 131.2 billion to excise taxes. The next table shows figures by activity, according to GDP.

 

 

 

In the result of the second quarter of 2010, the need of financing reached R$ 24.3 billion against R$ 7.6 billion in the same period of the previous year, an increase principally explained by the reduced external balance of goods and services, amounting R$ 12.9 billion, and by the increase of R$ 3.4 billion in net income of property sent to the world.

 

The national gross income reached R$ 879.7 billion in the second quarter of 2010, against R$ 761.6 billion in the respective period of 2009, and the gross savings reached R$ 162.8 billion, against R$ 124.6 billion in the same period of the previous year.

 

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¹Goods and services produced in the country without the expenses with inputs used in the production process during the year.

 

²The series of agriculture, industry, services, value added, GDP, public administration consumption expenses, household consumption expenses, gross formation of fixed capital, exports and imports of goods and services are seasonally adjusted in a direct manner, that is, individually.

 

³According to the Systematic Survey of Agricultural Production (LSPA/IBGE).