GDP grows 2.9% in 2022, closes the year at R$9.9 trillion
March 02, 2023 09h00 AM | Last Updated: March 03, 2023 11h36 AM
The Gross Domestic Product (GDP) rose 2.9% in 2022 over 2021. Services (4.2%) and Industry (1.6%) recorded increases and Agriculture, a drop (-1.7%).
|Comparison period||Indicators (%)|
|GDP||AGRIC||INDUS||SERV||GFCF||HHOLD CONS.||GOV CONS.|
|Quarter / previous quarter (seasonally-adjusted)||-0.2%||0.3%||-0.3%||0.2%||-1.1%||0.3%||0.3%|
|Quarter / same quarter a year ago (not seasonally-adjusted)||1.9%||-2.9%||2.6%||3.3%||3.5%||4.3%||0.5%|
|Cumulative in four quarters / same period a year ago (not seasonally adjusted)||2.9%||-1.7%||1.6%||4.2%||0.9%||4.3%||1.5%|
|Current values in Q4 (R$)||2.6 trillion||116.5 billion||539.8 billion||1.6 trillion||488.5 billion||1.7 trillion||529.8 billion|
|Current values in the year (R$)||9.9 trillion||675.5 billion||2.1 trillion||5.8 trillion||1.9 trillion||6.3 trillion||1.8 trillion|
|Investment Rate (GFCF/GDP) 2022 = 18.8%|
|Savings Rate (SAVING/GDP) 2022 = 15.9%|
The GDP added up to R$9.9 trillion in 2022. Per capita GDP reached R$46,154.6 in 2022, a real increase of 2.2% over the previous year.
The investment rate was 18.8% of the GDP in 2022, whereas that registered in 2021 was 18.9%. The savings rate was 15.9% (against 17.4% in 2021).
In the seasonally-adjusted series, the GDP changed -0.2% over the third quarter. Agriculture and Services registered a positive change of 0.3% and 0.2%, respectively, whereas Industry changed -0.3%.
Compared with the fourth quarter of 2021, the GDP advanced 1.9% in the last quarter of 2022, the eighth consecutive positive result in this comparison basis. Services (3.3%) and Industry (2.6%) rose, whereas Agriculture dropped 2.9%.
|Main results of the GDP at market prices from Q4 2021 to Q4 2022|
|Cumulative over the year / same period last year||5.0||2.4||3.1||3.2||2.9|
|Last four quarters / four immediately previous quarters||5.0||5.2||3.2||3.0||2.9|
|Quarter / same quarter a year ago||2.1||2.4||3.7||3.6||1.9|
|Quarter / immediately previous quarter (seasonally-adjusted)||1.1||1.3||0.9||0.3||-0.2|
|Source: IBGE, Diretoria de Pesquisas, Coordenação de Contas Nacionais|
GDP grows 2.9% in 2022
The GDP grew 2.9% in 2022 against the previous year The Value Added at basic prices increased 3.0% and the Product Taxes less Subsidies, 2.1%.
The result of Value added in this type of comparison reflected the performance of the three activities that comprise it: Agriculture (-1,7%), Industry (1,6%) and Services (4,2%).
Consequently, per capita GDP advanced (in real terms) 2.2% in relation to 2021, reaching R$46,154.6 (at current value) in 2022.
The drop in the Value Added of Agriculture in 2022 (-1.7%) was due to the decreasing output and loss of productivity of the activity of Agriculture, which surpassed the positive contribution of the activities of Livestock and Fishing.
In Industry, the positive highlight was the performance of Electricity and gas, water, sewerage and waste management (10.1%), which had more favorable tariff flags in 2022. Construction (6.9%) grew as well.
Manufacturing industries (-0.3%) registered a negative performance, mainly due to the drop in basic ferrous metals, fabricated metal products, chemicals, wood products and rubber and plastic products. Mining and quarrying industry fell 1.7% due to the drop in the extraction of iron ore.
All activities in Services recorded increases: Other services activities (11.1%), Transportation, storage and mailing (8.4%), Information and communication (5.4%), Real estate activities (2.5%), Administration, defense, public health and education, and social security (1.5%), Trade (0.8%) and Financial activities, insurance and related services (0.4%).
In the analysis of expenditure, Gross Fixed Capital Formation rose 0.9%, the second year of growth in a row. Household consumption expenditure advanced 4.3% in relation to the previous year. In turn, Government consumption expenditure grew 1.5%.
In the foreign sector, Exports of Goods and Services rose 5.5%, whereas Imports of Goods and Services increased 0.8%.
GDP reaches R$9.9 trillion in 2022
In the cumulative index in the year, the GDP at current value amounted to R$9.9 trillion, being R$8.6 trillion relative to Value added at basic prices and R$1.3 trillion to Product taxes net of subsidies .
The investment rate was 18.8% of the GDP in 2022, whereas that reported in the previous year was 18.9%. Savings rate was 15.9% in 2022 (against 17.4% in 2021).
GDP changes -0,2% over Q3 2022
In the seasonally-adjusted series, the GDP changed -0.2% in the fourth quarter of 2022 compared with the immediately previous quarter. Industry retracted 0.3%, whereas Agriculture and Services registered a positive change of 0.3% and 0.2%, respectively.
Among the industrial activities, Manufacturing industries (-1.4%), Construction (-0.7%) and Electricity and gas, water, sewerage and waste management (-0.4%) dropped. The only positive result was in Mining industries (2.5%).
In services, the activities of Information and communication (1.8%), Other services activities (0.9%), Financial activities, insurance and related services (0.9%), Real estate activities (0.7%) and Transportation, storage and mailing (0.2%) recorded a positive performance. In contrast, Trade (-0.9%) and Administration, defense, public health and education, and social security (-0.5%) dropped.
Under the point of view of expenditure, Household consumption expenditure (0.3%) and Government consumption expenditure (0.3%) changed positively, whereas Gross Fixed Capital Formation dropped (-1.1%).
Exports of Goods and Services grew 3.5%, whereas Imports of Goods and Services fell 1.9% in relation to the third quarter of 2022.
GDP rises 1.9% against Q4 2021
Compared with the fourth quarter of 2021, the GDP advanced 1.9%, the eighth consecutive positive result in this comparison basis. The Value Added at basic prices increased 1.8% and the Product Taxes less Subsidies, 2.4%.
Agriculture retreated 2.9% over the same period in 2021, highlighted by products like cassava (-1.6%), tobacco (-7.1%) and potatoes (-2.4%), whose harvests were significant in the fourth quarter and dropped in the estimates of annual output and showed a productivity loss. On the other hand, the crops of sugarcane, orange and wheat grew their annual output, estimated at 2.7%, 4.4% and 28.5%, respectively.
Industry advanced 2.6% in the quarter, with a rise in all its activities. The major highlight was the growth in volume of the activity of Electricity and gas, water, sewage and waste management (10.8%). Such result was explained by more favorable tariff flags in this quarter, compared with the water scarcity in the same period of 2021.
Construction grew 3.2% in the quarter. Mining and quarrying industries grew 1.4%, leveraged by the rise in the extraction of petroleum and gas, offsetting the drop recorded by iron ore. Likewise, Manufacturing industries also registered a positive result (1.0%), due to the increase in the manufacture of food products, motor vehicles, other transportation equipment, pharm-chemicals and pharmaceuticals.
Services grew 3.3% over the same period last year. The advance was leveraged by the positive figures in Other services activities (8.3%), Transportation, storage and mailing (5.3%), Information and communication (4.9%), Real estate activities (3.2%), Financial activities, insurance and related services (2.4%) and Trade (2.1%). In contrast, the activity of Administration, defense, public health and education, and social security (-0.3%) recorded a negative change.
Among the components of the domestic demand, Household consumption expenditure (4.3%), Government consumption expenditure (0.5%) and Gross fixed capital formation (3.5%) increased in relation to the same period last year.
In the foreign sector, Exports of goods and services increased 11.7%, whereas Imports of goods and services advanced 4.6% in the fourth quarter of 2022.