GDP changes 0.4% in Q3 2022
December 01, 2022 09h00 AM | Last Updated: December 02, 2022 02h37 PM
In the seasonally-adjusted series, the Gross Domestic Product (GDP) changed 0.4% in the third quarter of 2022 compared with the second quarter this year. The GDP grew 3.6% compared with the same quarter of 2021. The cumulative index in the four quarters ended in September 2022 reached 3.0% compared with the four immediately previous quarters. The cumulative rate in the year was 3.2% over the same period of 2021.
|GDP||AGRIC||INDUS||SERV||GFCF||CONS. HHOLDS||CONS. GOV|
|Quarter / immediately previous quarter (with seasonal adjustment)||0,4%||-0.9%||0.8%||1.1%||2.8%||1.0%||1.3%|
|Quarter / same quarter a year ago (not seasonally-adjusted)||3.6%||3.2%||2.8%||4.5%||5.0%||4.6%||1.0%|
|Cumulative in four quarters / same period a year ago (not seasonally adjusted)||3.0%||-1.3%||0.8%||4.4%||0.8%||3.7%||2.5%|
|Current values in Q3 (R$)||2.5 trillion||161.5 billion||553.1 billion||1.5 trillion||499.2 billion||1.6 trillion||440.8 billion|
|Investment rate (GFCF/GDP) in Q3 2022 = 19.6%|
|Savings Rate (SAVING/GDP) Q3 2022 = 16.2%|
At current values, the GDP added up to R$2.544 trillion in the third quarter of 2022, being R$2.202 trillion relative to Value added (VA) at basic prices and R$342.1 billion to Product taxes net of subsidies .
In the third quarter of 2022, the investment rate was 19.6% of the GDP, above that reported in the same period of 2021 (19.4%). The savings rate was 16.2%, lower than that of the third quarter last year (17.2%).
In the seasonally-adjusted series, the GDP changed 0.4% in the comparison between the third quarter and the second quarter this year. While Services advanced 1.1% and Industry grew 0.8%, Agriculture retreated 0.9%.
Among the industrial activities, Construction rose 1.1% and Electricity and gas, water, sewerage and waste management, 0.6%. Manufacturing industries registered a positive change of 0.1% and Mining and quarrying industries, a negative change of 0.1%.
In Services, the following activities grew: Information and communication (3.6%), Financial activities, insurance and related services (1.5%), Real estate activities (1.4%), Other services activities (1.4%), Administration, defense, public health and education, and social security (1.1%) and Transportation, storage and mailing (1.0%). On the other hand, Trade (-0.1%) recorded a negative change.
Under the point of view of expenditure, Gross fixed capital formation increased 2.8% in relation to the previous quarter. Household consumption expenditure expanded 1.0% and Government consumption expenditure, 1.3%.
In the foreign sector, both Exports of Goods and Services (3.6%) and Imports of Goods and Services (5.8%) expanded in relation to the second quarter of 2022.
GDP grows 3.6% against Q3 2021
When compared with the same period last year, the GDP increased 3.6% in the third quarter of 2022. The Value Added at basic prices recorded a positive change of 3.6% and Product Taxes Net of Subsidies advanced 3.3%.
Agriculture grew 3.2% over the same period a year ago. Besides the positive contribution of Livestock and the weak performance of Forestry, that result can be mainly explained by the annual performance of farm products that have a relevant harvest in the quarter: corn (25.7%), cotton (15.2%), coffee (6.7%) and oranges (4.4%). In contrast, sugarcane (-1.1%) and cassava (-1.3%) dropped.
Industry rose 2.8%. Electricity and gas, water, sewerage and waste management grew 11.2%, with a quarter of green tariff flags instead of water scarcity in 2021. Construction also stood out by growing 6.6%, helped by the increasing employment in this sector. The growth in Manufacturing industries (1.7%) was influenced by the expansions in the manufacture of motor vehicles, coke and petroleum products, chemicals and other transportation equipment. On the other hand, Mining and quarrying industries fell 2.6%, due to the drop in the extraction of iron ore.
The value added of Services rose 4.5% over the same period of 2021, highlighted by the rises in Other services activities (9.8%) and Transportation, storage and mailing (8.8%). Information and communication (6.9%), Real estate activities (3.2%), Trade (2.0%), Financial activities, insurance and related services (1.7%) and Administration, defense, public health and education, and social security (1.5%) grew as well.
Under the point of view of the demand, Household consumption expenditure grew 4.6%, influenced by the improvement in the labor market, governmental aids to families, tax exemption and expansion of credit for natural persons. Government consumption expenditure grew 1.0% in the period. Gross fixed capital formation grew 5.0% in the third quarter of 2022, helped by the growth in Construction, software development and production and imports of capital goods.
In the foreign sector, Exports of Goods and Services rose 8.1%, whereas Imports of Goods and Services increased 10.6% in the third quarter of 2022. Among exports, the highlights were: food products, agriculture, motor vehicles and services. In imports, the most relevant rises occurred in chemicals, petroleum products, electrical machinery and equipment and services.
GDP grows 3.0% in the cumulative index in four quarters
The cumulative GDP in the four quarters ending in September 2022 rose 3.0% in relation to the four immediately previous quarters. This rate resulted from the advances of 3.2% in the Value Added at Basic Prices and 1.8% in the Product Taxes Net of Subsidies. The result of Value Added in this type of comparison reflected the performance of the following segments: Agriculture (-1,3%), Industry (0,8%) and Services (4,4%).
In the analysis of the demand, Household consumption expenditure grew 3.7%, Gross fixed capital formation advanced 0.8% and Government consumption rose 2.5%. In the foreign sector, both Exports of goods and services (3.5%) and Imports of goods and services (0.4%) registered positive rates in the period.
GDP adds up to R$2.5 trillion in Q3
The Gross Domestic Product added up to R$2.543 trillion in the third quarter of 2022, being
R$2.201 trillion relative to Value added at basic prices and R$342.1 billion to Product Taxes Less Subsidies .
Investment rate was 19.6% in Q3
The investment rate was 19.6% in the third quarter of 2022, which represented an increase in relation to that reported in the same period a year ago (19.4%). The savings rate was 16.2% in the third quarter of 2022, lower than the rate of 17.2% reported in the same period of 2021.
Revision of the quarterly series
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. This moment is used to introduce data updatings in the quarterly series and, whenever the case, methodological improvements.
With the release of the final annual results for the year of 2020 in the time series of the System of National Accounts - reference 2010, the time series of the Quarterly National Accounts are now revised in every quarter of the year of 2021, as well as in the first two quarters of 2022. In this release, the major points revised are highlighted in the tables below:
Table I.1 shows the 2021 revision of the GDP growth rates and its major components under the points of view of supply and demand.
Table I.2 shows, for the first and second quarter of 2022, the revision of the growth rates of the GDP and its major components under the points of view of supply and demand.