In the seasonally-adjusted series, the Gross Domestic Product (GDP) grew 1.9% in the first quarter of 2023 in relation to the previous quarter. The GDP grew 4.0% compared with the same quarter of 2022. The cumulative GDP over the last four quarters increased 3.3% in relation to the immediately previous four quarters.

At current values, the GDP added up to R$2.6 trillion in the first quarter of 2023, being R$2.2 trillion relative to Value added (VA) at basic prices and R$317.1 billion to Product taxes net of subsidies .  

In the first quarter of 2023, the investment rate was 17.7% of the GDP, below that reported in the same period of 2022 (18.4%). The savings rate stayed at 18.1%, above the rate registered in the same period of 2022 (17.4%).

GDP advances 1.9% in relation to the immediately previous quarter 

In the seasonally-adjusted series, the GDP grew 1.9% against the fourth quarter of 2022. Agriculture (21.6%) and Services (0.6%) rose and Industry (-0.1%) remained stable. 

Among the industrial activities, Construction (-0.8%) and Manufacturing industries (-0.6%) dropped. On the other hand, the positive performances occurred in Mining and quarrying industries (2.3%) and Electricity and gas, water, sewerage and waste management (1.7%).

In Services, Transportation, storage and mailing (1.2%), Financial intermediation and insurance (1.2%) and Public administration, health and education (0.5%) grew, besides the positive changes in Trade (0.3%) and Real estate activities (0.3%). In contrast, Information and communication (-1.4%) and Other services (-0.5%) dropped. 

Under the point of view of expenditure, Household consumption expenditure (0.2%) and Government consumption expenditure (0.3%) changed positively, whereas Gross Fixed Capital Formation dropped (-3.4%). 

In the foreign sector, Exports of Goods and Services fell 0.4%, whereas Imports of Goods and Services dropped 7.1% against the fourth quarter of 2022. 

GDP grows 4.0% against Q1 2022 

When compared with the same period last year, the GDP increased 4.0% in the first quarter of 2023. The Value Added at basic prices recorded a positive change of 4.1% and Product Taxes Net of Subsidies advanced 3.0%. 

Agriculture grew 18.8% over the same period a year ago. This result can be explained by the good performance of farm products with a relevant harvest in the first quarter, as well as by productivity. According to the Systematic Survey of Agricultural Production (LSPA/IBGE), soybeans, the major crop, recorded a productivity gain and a significant growth in the annual output, estimated at 24.7%. Except for rice (-7.5%), other crops with a relevant harvest this quarter also grew their annual output and gained productivity, such as corn (8.8%), tobacco (3.0%) and cassava (2.1%). 

Industry increased 1.9%. Mining and quarrying industries (7.7%) reported the best result, affected by the rise of both petroleum and gas extraction and iron ore. With the improvement of hydric conditions, the activity of Electricity and gas, water, sewerage and waste management (6.4%) stood out as well. Construction (1.5%), in turn, recorded the tenth consecutive rise, though decelerated, since the real wage bill of the sector grew, but the typical inputs for construction dropped in relation to the previous year. 

Manufacturing industry (-0.9%) was the only one with a negative result, mainly influenced by the drop in the manufacture of chemicals, basic metals, wood products, non-metallic minerals and machinery and equipment. 

The value added of Services grew 2.9% in comparison with the same period of the previous year.  All their activities rose: 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%). 

Household consumption expenditure rose 3.5% in the first quarter of 2023. This result was influenced by the increase in the real wage bill, increase of credit and inflation at lower levels. Government consumption expenditure also rose (1.2%). In addition, the change in stocks grew 24%, in nominal terms, in the first quarter against the same period last year, positively contributing to the growth as well. 

Gross Fixed Capital Formation advanced 0.8% in the first quarter of 2023. The growth in imports of capital goods and the positive performance of construction surpassed the drop in the domestic production of capital goods. 

In the foreign sector, Exports of goods and services rose 7.0%, whereas Imports of goods and services advanced 2.2% in the first quarter of 2023. Among the exports of goods, the sectors with the biggest positive contribution were: petroleum and gas extraction, food products, extraction of minerals, petroleum derivatives and services. In imports of goods, the rise was mainly due to petroleum derivatives, extraction of non-metallic minerals, car industry and services. 

GDP grows 3.3% in the cumulative index in four quarters 

The cumulative GDP of the four quarters ended in March 2023 grew 3.3% in relation to the four immediately previous quarters.  This rate resulted from the advances of 3.4% in Value Added at basic prices and of 2.7% in Product Taxes Net of Subsidies. The result of Value Added in this type of comparison reflected the performance of the following segments: Agriculture (6.0%), Industry (2.4%) and Services (3.9%).  

All the industrial activities grew: Electricity and gas, water, sewerage and waste management (9.4%), Construction (5.3%), Manufacturing industry (0.6%) and Mining and quarrying industries (0.5%). 

In Services, all the activities reported positive figures: Other services activities (9.1%), Transportation, storage and mailing (7.5%), Information and communication (5.7%), Real estate activities (2.8%), Financial activities, insurance and related services (1.8%), Trade (1.8%), Administration, defense, public health and education, and social security (0.7%). 

In the analysis of the demand, Household consumption expenditure, Government consumption expenditure and Gross fixed capital formation grew 4.5%, 0.9% and 2.7%, respectively. In the foreign sector, Exports of goods and services expanded 5.2%, whereas Imports of goods and services rose 4.2%. 

Investment rate is 17.7% in Q1 

The investment rate was 17.7% of the GDP in the first quarter of 2023, remaining below that reported in the same period last year (18.4%). On the other hand, the savings rate stayed at 18.1% in the quarter (against 17.4% in the same period of 2022). 

Net Lending reached R$48.3 billion in the first quarter of 2023, against R$69.8 billion in the same period of the previous year. The reduction in Net Lending was mainly explained by the increase of R$27.1 billion in the positive result of the External Balance of Goods and Services and by the increase of R$3.5 billion in the net delivery of Property Income.