GDP at market prices relative to the fourth quarter of last year grew by 0.3%, in the seasonally-adjusted series, compared with the figure in third quarter. Agriculture (0.9%) and services (0.6%) recorded increase, whereas industry (-0.5%) fell.

In comparison with the fourth quarter of 2010, GDP grew by 1.4%, value added at basic prices, by 1.2%, and excise tax, by 2.0%.  Among the economic activities,there was increase in agriculture (8.4%) and services (1.4%), versus decrease in industry (-0.4%).

The comparison between 2011 and 2010 figures shows GDP grew by 2.7%, as a result of the increases observed in value added (2.5%) and taxes (4.3%).  In this comparison, agriculture (3.9%), services (2.7%) and industry (1.6%) recorded increase.  According to data presented in the National Accounts, GDP at current prices reached R$ 4,142 trillion in 2011.  GDP per capita was R$ 21,252, with a hike of 1.8%, in terms of volume, over the 2010 figure.  

The complete publication is available at www.ibge.gov.br/home/estatistica/indicadores/pib/defaultcnt.shtm

Hike of agriculture is a highlight compared with figures in Q3 2011

GDP grew by 0.3%, as seen in the comparison between Q4 and Q3 2011, in the seasonally-adjusted series. The changes observed by economic activity were: agriculture: 0.9%; services, 0.6% and industry, -0.5%. 

All the components of internal demand recorded positive changes in the last quarter of 2011. Household Expenditure increased by 1.1%, whereas Government Expenditure and Gross Fixed Capital Formation (GFCF, or investments) recorded expansion of 0.4% and 0.2%, respectively.

Concerning the external demand, the Imports of Goods and Services grew at a higher rate than their Exports: 2.6% versus 1.9%.

Compared with Q4 2010, agriculture is another highlight

The comparison between the fourth quarter of 2011 and the fourth quarterf of 2010 sows increase of GDP BY 1.4%. Among the activities which have contributed to the generation of value added at basic prices there is the increase of Agriculture (8.4%). The value added of services increased by 1.4%. Industry, which has been on a downward trend since the second quarter of 2010, on this basis for comparison, had negative change of -0.4%.

The rate of agriculture (8.4%) can be seen as a result of the increased productivity and by the performance of some crop items which had a relevant harvest in the quarter, for example, tobacco (22.0%), cassava (7.3%) beans (10.9%) and oranges (2.8%), and of the growing productivity, according to the Systematic Survey of Agricultural Production - LSPA.

All the activities which form the services segment (1.4%) recorded positive changes, being the main highlight Information services (4.6%).  The other changes were: Financial mediation and insurance (1.5%); Administration, health and public education (1.5%); Transportation, storage ad mailing (which encompasses cargo and passenger transportation, 1.4%); Trade (wholesale and retail, 1.3%); Real estate and rental services (1.3%) and Other services (0.7%).

The negative change of industry (0.4%) was affected by the decrease faced by Manufacturing industry (-3.1%).  The other industrial activities recorded increase: Mining and quarrying industry (3.8%), Civil construction (3.1%) and Electricity and gas, sewage and urban sanitation (3.0%). The result of Manufacturing industry was mainly affected by the reduction of the production of textiles, apparel, footwear and machinery and equipment.

Among the components of internal demand, household expenditure increased by 2.1%; it was the 33rd consecutive positive change on this basis for comparison. Gross fixed capital formation increased by 2.0% and government expenditure did by 1.3%.

The Exports and Exports of Goods and Services recorded increase of 3.7% and 6.4%, respectively, in the fourth quarter of 2011, versus the same period in 2010.

In the year, GDP grew by 2.7% and per capita GDP changed by 1.8%

In 2011, the Brazilian GDP changed by 2.7% over the 2010 figure. In 2010, the increase accumulated in the year was 7.5%. Due to such growth, GDP per capita reached R$ 21.252 (at current values), after having recorded change, in terms of volume, of 1.8% in relation to 2010. Per capita GDP is defined as the division of the current GDP figure by the resident population in the middle of the year

The expansion of GDP resulted from the 2.5% rise of Value Added at basic prices and the increase of 4.3% of Net Excise Tax.  The rise of taxes reflects, mainly, the increase in volume (11.4%) of Taxes on Imports and the rise of IPI (Tax on Industrialized Goods), having the latter been positively affected by sales of machinery and equipment. The result of Value Added in this type of comparison showed the performance of the three activities that form it: Agriculture: (3.9%),Services, (2.7%) and Industry, (1.6%).  

The growth of agriculture (3.9%) occurred due to the bigger production of several important crop items and to gains in productivity. As a consequence of favorable climate conditions, Brazilian agriculture had a record harvest in 2011 (159.9 million metric tons), having the following crops as a highlight: cotton (72.6%), tobacco (22.0%), rice (19.0%), soybeans (9.2%) and cassava (7.3%).

Regarding services (2.7%), the main positive highlights were Information Services

(4.9%) and Financial medication and insurance (3.9%). Trade grew by 3.4%, followed by Transportation, storage and mailing (2.8%).  All through year 2011, the increase of the employed population and of the real volume of salaries, together with the expansion of consumption credit, sustained the increase of sales, mainly retail sales, at a higher rate than that of industrial activity. Finally, both Other services and Administration, health and public education recorded 2.3% increases, being followed by Real estate and rental services (1.4%).

In industry (1.6%) the highlight was the increase of Electricity and gas, water, sewage and urban sanitation (3.8%) and of Civil construction (3.6%). The performance of civil construction in 2011 is confirmed by the increase of the population employed in the sector, which accumulated hike of 3.9%, according to IBGE's Monthly Employment Survey; and by the performance of directed credit.  Mining and quarrying industry accumulated expansion of 3.2%, with extraction of iron ore as the main highlight. Manufacturing industry, on the other hand, presented stability in relation to the previous year, with change of 0.1%, mainly because of the reduction of value added by apparel and accessories; plastic items; metallurgy; machinery, appliances and electric material, and automobiles.

In the analysis of demand, household expenditure increased by 4.1% in 2011, the eighth consecutive year with increasing results.  Government expenditure increased by 1.9% and Gross Fixed Capital Formation, on the other hand, had an expansion of 4.7%.

Considering the external sector, exports recorded increase of 4.5%, and imports grew by 9.7%. A contribution to this scenario was the increase in value of the Real currency between 2010 and 2011. The currency rate (measured by the annual average currency rates / US$ for purchase and sale) changed from 1.76 to .1.67. 

The investment rate of 2011 was 19.3% of the GDP, a lower figure than that relative to the previous year (19.5%).  The savings rate reached 17.2% in 2011, versus 17.5% in 2010.