In the seasonally-adjusted series, the Gross Domestic Product (GDP) changed 0.1% in the third quarter of 2023 against the second quarter this year. The GDP grew 2.0% compared with the same quarter in 2022. The cumulative GDP over the four months ending in September 2023 rose 3.1% in relation to the four immediately previous quarters.  The cumulative index in the year was 3.2% against the same period of 2022.

At current values, the GDP added up to R$2.741 trillion in the third quarter of 2023, being R$2.387 trillion relative to Value added (VA) at basic prices and R$353.8 billion to Product taxes net of subsidies .  

The investment rate of the third quarter of 2023 was 16.6% of the GDP, a drop against the same period in 2022 (18.3%). The savings rate was 15.7%, lower than that in the third quarter last year (16.3%).  

GDP changes 0.1% in relation to immediately previous quarter

In the seasonally-adjusted series, the GDP changed 0.1% in the third quarter of 2023 against the second quarter this year. Both Services and Industry advanced 0.6% in this comparison, whereas Agriculture retreated 3.3%.

Among the industrial activities, Mining and quarrying industries (0.1%) and Manufacturing industries (0.1%) registered positive changes. The activity of Electricity and gas, water, sewerage and waste management grew 3.6% and Construction retreated 3.8%.

Among the Services activities, the following activities recorded positive changes: Financial activities, insurance and related services (1.3%), Real estate activities (1.3%), Information and communication (1.0%), Other services activities (0.5%), Administration, defense, public health and education, and social security (0.4%) and Trade (0.3%). On the other hand, the activity of Transportation, storage and mailing retreated 0.9%.

Under the point of view of expenditure, Gross Fixed Capital Formation fell 2.5% over the previous quarter. Household consumption expenditure rose 1.1%, while government consumption expenditure changed 0.5%. In the foreign sector, while Exports of Goods and Services advanced 3.0%, Imports of Goods and Services retreated 2.1% over the second quarter of 2023.

GDP grows 2.0% against Q3 last year

When compared with the same period last year, the GDP increased 2.0% in the third quarter of 2023. This rise was due to the expansion of 2.1% in Value added at basic prices and of 1.2% in Product taxes net of subsidies.

Agriculture grew 8.8% in relation to the same period in 2022, mainly with the performance of some farm products that have a relevant harvest in the third quarter like: corn (19.5%), sugarcane (13.1%), upland cotton (12.5%) and coffee (6.9%). Livestock estimates also contributed positively in the period under analysis.

Industry rose 1.0%. Among its activities, the best result came from Electricity and gas, water, sewerage and waste management (7.3%), favored by a higher consumption of electricity, mainly residential, and by the green tariff flags this year. Mining and quarrying industries also grew (7.2%) due to the rise in petroleum and gas extraction. In contrast, Construction retreated in the period (-4.5%).

The drop was explained by the retraction in employment and in the production of typical inputs of this activity. Manufacturing industry also dropped (-1.5%), whose result was mainly influenced by the retraction in machinery and equipment, chemicals, car industry and basic metals.

The value added of Services rose 1.8% against the same period in 2022, highlighted by the rise in Financial activities, insurance and related services (7.0%). The following activities rose as well: Real estate activities (3.6%), Information and communication (1.6%), Transportation, storage and mailing (1.6%), Other services activities (1.1%), Trade (0.7%) and Administration, defense, public health and education, and social security (0.4%).

Under the point of view of the demand, Household consumption expenditure grew 3.3%, influenced by government aids to families and by the improvement in the labor market. Government consumption expenditure grew 0.8% in the period. Gross fixed capital formation declined 6.8% in the third quarter of 2023, justified by the drop in the domestic production of capital goods, construction and imports of capital goods.

In the foreign sector, Exports of Goods and Services rose 10.0%, whereas Imports of Goods and Services retreated 6.1% in the third quarter of 2023. Among the exports, those that registered the best results were agriculture, mining and quarrying, petroleum products, food products and services. In the imports agenda, the most relevant drops occurred in machinery and equipment, chemicals, petroleum products and pharmaceuticals.

GDP accumulates growth of 3.2% up to September

The cumulative GDP in the year up to the third quarter of 2023 rose 3.2% in relation to the same period in 2022. In this comparison, Agriculture (18.1%), Industry (1.2%) and Services (2.6%) stood on the positive side.

The industrial activities with positive results in the cumulative index in the year were Mining and quarrying industries (7.9%) and Electricity and gas, water, sewage and waste management activities (5.8%). On the other hand, Manufacturing industries (-1.6%) and Construction (-0.9%) dropped in this comparison.

In Services, the rises were in: Financial activities, insurance and related services (7.0%), Information and communication (3.8%), Transportation, storage and mailing (3.5%), Real estate activities (3.1%), Other services activities (2.9%), Administration, defense, public health and education, and social security (0.9%) and Trade (0.9%).

GDP grows 3.1% in the cumulative index in four quarters

The cumulative GDP over the four months ending in September 2023 rose 3.1% in relation to the four immediately previous quarters.  This rate resulted from the advances of 3.1% in Value Added at Basic Prices and of 2.5% in Product Taxes Net of Subsidies. The result of Value Added was due to the following performances: Agriculture (14,4%), Industry (2,0%) and Services (2,8%).

In the analysis of the demand, Household consumption expenditure grew 3.7% and Government consumption expenditure, 1.0%. In contrast, Gross fixed capital formation retreated 1.1%. In the foreign sector, Exports of goods and services advanced (10.3%) and Imports of goods and services decreased (-0.1%).

GDP adds up to R$2.7 trillion in Q3

The Gross Domestic Product added up to R$2.741 trillion in the third quarter of 2023, being R$2.387 trillion relative to Value added at basic prices and R$353.8 billion to Product taxes less subsidies .

Investment rate is 16.6% in Q3

The investment rate was 16.6% in the third quarter of 2023, which represented a drop in relation to that reported in the same period a year ago (18.3%). The savings rate was 15.7% in the third quarter of 2023, lower than the rate of 16.3% obtained in the same period in 2022.

Revision of the quarterly time 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. Updatings in the time series and, if it is the case, methodological improvements are also introduced in the quarterly time series at this time.

With the release of the final annual results for the year of 2021 of the time series of the System of National Accounts - reference 2010, the time series of the Quarterly National Accounts were now revised in every quarter of the year of 2022, as well as in the first two quarters of 2023.

In this release, the major points revised are highlighted in the following tables:

 
Table I.1 shows the revision, for the year of 2022, of the GDP growth rates and its main components under the point of view of supply and demand.

 
Table I.2 shows the revision, for the first and second quarters of 2023, of the GDP growth rates and its main components under the point of view of supply and demand.