In the seasonally-adjusted series, the Gross Domestic Product - GDP changed 0.1% in the third quarter of 2017 against the second quarter of 2017. It increased 1.4% in relation to the same period in 2016. The GDP dropped 0.2% in the cumulative index in four quarters ended in the third quarter of 2017 over the immediately previous four quarters. The GDP rose 0.6% in the cumulative index in the year up to September in relation to the same period in 2016.

At current values, the GDP reached R$ 1.641 trillion in the third quarter of 2017, being R$ 1.416 trillion relative to Value Added and R$ 225.8 billion to Product Taxes less Subsidies.

The complete information on the Quarterly Accounts can be accessed here. 

GDP grows 0.1% over last quarter
In the seasonally-adjusted series, the GDP remained virtually stable (positive change of 0.1%) in the comparison between the third quarter of 2017 and the second quarter this year. Agriculture fell 3.0%, Industry rose 0.8% and Services increased 0.6%.

Among the industrial activities, Manufacturing industries rose 1.4% and Mining and quarrying industries, 0.2%. The others remained virtually stable: Electricity and gas, water, sewage and waste management activities (0.1%) and Construction (0.0%).

In Services, Trade (1.6%), Real estate activities (0.9%), Other services activities (0.2%) and Public administration, defense, health and education, and social security (0.2%) registered positive figures. Financial and insurance activities, and related services (0.1%), Transportation, storage and mailing (0.0%) and Information and communication (-0.1%) remained stable.

GDP increases 1.4% over the same quarter last year

The GDP expanded 1.4% in the third quarter of 2017 when compared with the same period a year ago. The Value Added at basic prices increased 1.2% and the Product Taxes less Subsidies, 2.5%.

Among the activities that contributed to the generation of the Value Added, Agriculture rose 9.1% in relation to the same period last year. This result can be mainly explained by the performance of some farm products that produced a relevant harvest in the third quarter and by the productivity, very clear in the estimate of the change in the amount produced in relation to the planted area.

According to the Systematic Survey of Agricultural Production (LSPA/IBGE) released last November, the increase in the estimated annual production and the productivity gain of crops with relevant harvests this quarter, like corn (54.9%), upland cottonseed (10.7%) and oranges (0.1%), surpassed the weak performance of crops like, for example, sugarcane (-6.8%), coffee (-7.9%) and cassava (-1.8%). The estimates for Livestock and Forestry pointed out to a positive performance in the period under analysis.

Industry recorded a positive change of 0.4%. Manufacturing industries recorded a growth of 2.4%. Its result was mainly influenced by the increase in the production of food; motor vehicles; computer equipment, electronic and optical products; furniture and miscellaneous industries; and machinery and equipment.

Construction reduced the volume of value added: -4.7%. Mining and quarrying industries expanded 2.4% in relation to the third quarter of 2016, leveraged by the increasing extraction of ferrous ores. The activity of Electricity and gas, water, sewage and waste management activities, on its turn, posted a positive change of 0.2%.

The value added of Services expanded 1.0% compared with the same period last year, highlighted by the increase of 3.8% in Trade (wholesale and retail), followed by Real estate activities (2.1%), Transportation, storage and mailing (1.9%) and Other services activities (1.2%). Information and communication (-3.0%) – activity that includes telecommunications, TV, radio and cinema activities, newspaper, book and magazine publishing, computers and other services related to information and communication technologies (ICTs) – and Public administration, defense, health and education, and social security (-0.8%) dropped. Financial and insurance activities, and related services registered a null change this quarter.

GDP records a cumulative increase of 0.6% between January and September

The cumulative GDP in the year up to the third quarter of 2017 rose 0.6% in relation to the same period in 2016. In this basis for comparison, Agriculture increased 14.5%, whereas Industry (-0.9%) and Services (-0.2%) posted a cumulative drop.

Among Industry activities, only Construction (-6.1%) registered a cumulative drop. The other industrial activities recorded a positive figure in this basis for comparison: Mining and quarrying industries (5.9%), Electricity and gas, water, sewage and waste management activities (1.3%) and Manufacturing industries (0.3%).

In Services, the biggest drops came from Information and communication (-2.0%), Financial and insurance activities, and related services (-1.8%) and Public administration, defense, health and education, and social security (-0.9%). Transportation, storage and mailing also recorded a negative change: -0.2% Both Trade and Real estate activities increased 0.8%, while Other services activities changed positively (0.2%).

Taking into account the cumulative result in the year up to September 2017, the analysis of the domestic demand highlighted the drop of 3.6% in the Gross Fixed Capital Formation. Household Consumption Expenditure changed 0.4% positively, whereas Government Consumption Expenditure (-0.6%) registered a cumulative loss in the year. Concerning the foreign sector, Imports of Goods and Services expanded 3.9%, while Exports of Goods and Services increased 4.0%.

GDP drops 0.2% in cumulative index in four quarters

The cumulative GDP in the four quarters ended in September 2017 negatively changed 0.2% in relation to the four immediately previous quarters. This rate resulted from the contraction of 0.1% in the Value Added at basic prices and from the decline of 0.5% in the Product Taxes less Subsidies. The result of Value Added in this type of comparison reflected the performance of the following segments: Agriculture (11.6%), Industry (-1.4%) and Services (-0.8%).

Among the industrial activities, Mining and quarrying industries (5.4%) and Electricity and gas, water, sewage and waste management activities (2.0%) rose. Manufacturing industries retreated 0.6% and Construction, 6.6%.

Among Services, only Real estate activities (0.7%) did not change negatively. The highlights were Information and communication (-2.5%), followed by Financial and insurance activities, and related services (-2.4%), Transportation, storage and mailing (-1.9%), Public administration, defense, health and education, and social security (-0.8%), Other services activities (-0.5%) and Trade (-0.3%). Graph II.10 shows the cumulative rates, by activity, in the four quarters ended in September 2017.

In the analysis of expenditures, Gross Fixed Capital Formation contracted 4.2%. Household Consumption Expenditure (-0.5%) and Government Consumption Expenditure (-0.4%) also recorded a negative change. Every component of the domestic demand posted a negative result for the ninth quarter in a row. In the foreign sector, Exports of Goods and Services (1.1%) and Imports of Goods and Services (2.7%) increased.

GDP adds up to R$1.641 trillion at current values

The Gross Domestic Product added up to R$1,641.4 billion in the third quarter of 2017, being R$1,415.6 billion relative to Value added at basic prices and R$225.8 billion to Product Taxes Less Subsidies .

In the third quarter of 2017, the investment rate was 16.1% of the GDP, slightly below that reported in the same period in the previous year (16.3%). The savings rate was 15.2% in the third quarter of 2017 (against 14.9% in the same period of 2016).

Revision of the time series of the Quarterly Accounts

When releasing the third quarter each year, the Quarterly National Accounts makes a comprehensive revision, incorporating the new weights of the Annual National Accounts from two years before, as well as updates the time series adopted and, whether necessary, performs methodological improvements. The details of the main points reviewed can be found in the complete publication of the Quarterly Accounts.

Table I.1 shows the 2016 revision of the GDP growth rates and its main components under the point of view of supply and demand.

Table I.2 shows, for the first and second quarter of 2017, the revision of the growth rates of the GDP and its main components under the point of view of supply and demand.