The Gross Domestic Product (GDP) reached R$ 6,267 trillion in 2016 and its percent decrease against 2015 was revised from -3.5% to -3.3%. The 2016 figure resulted from a decrease of 2.9% in Gross Value Added - GVA and from a decrease of 5.6% in product taxes net of subsidies.

The three economic sectors recorded decreases: agriculture (-5.2%), industry (-4.6%) and services (-2.3%). As a result, per capita GDP hit R$ 30,548, with a 4.1% decrease in volume.

Household consumption, which represents 62.8% of the GDP, fell by the second year in a row: in 2016 (-3.8%) and in 2015 (- 3.2%). On the other hand, government consumption expenditure increased 0.2% in 2016, after having a drop in 2015 (-1.4%).

From 2015 to 2016, the investment rate fell from 17.8% to 15.5%, and reached its lowest percentage in the time series initiated in 1995.

In 2016, the external sectorcontributed once more to the GDP, as exports rose 0.9%, still a positive change, though below the 6.8% of 2015. The decrease of imports (-10.3%) was less significant than in 2015 (-14.2%).

For the first time in the series of the System of National Accounts in Brazil – reference 2010, the non-financial business sector had net lending (R$ 20.7 billion).

With reference to other companies in the financial sector, gross value added had a nominal growth of 16.7% and reached R$423.4 bilhões. One of the factors accounting for that result was the rise of Selic, which closed the year at an average 14.2% per year, versus 13.5% in 2015.

All these data constitute the System of National Accounts 2010-2016 – reference 2010, which includes new, more detailed and comprehensive data, provided by the IBGE itself and by external sources, bseides methodological updates which revise the results relesaed by Quarterly National Accounts. The support material is available on the right of this page. 

Industry (-4.6%), services (-2.3%) and agriculture (-5.2%) recorded decreases in 2016

Agriculture decreased 5.2%, after three consecutive years of increase. According to the Municipal Agricultural Survey (PAM), harsh climate conditions affected the performance of important crops, such as corn and soybeans, the output of which fell by 24.8% and 1.1%, respectively.

Value added of Industry fell by 4.6% in 2016 and had a cumulative decrease of 10.1% in the years 2015 and 2016. The biggest decrease was that of Construction (-10.0%), which had a cumulative decrease of 18.1% in the period 2015-2016.

The activity of Electricity, gas, water and sewage increased 6.5% in 2016.  There was a decrease of production of electricity, but the smaller intermediate consumption of the activity had more influence on the final result and value added increased. That was due to the reduced generation of thermal energy, as a result of the greater incidence of rain in comparison with 2015 and to the increased generation of wind energy.

The Services sector recorded a decrease of 2.3% and had a cumulative decrease of 4.9% in the years 2015 and 2016. In Services, the activities Trade and Transportation, storage and mailing were the ones accounting for that negative result. In 2016, Trade was the activity with the second main decrease (-6.7%), being surpassed by Construction, only. That is a consequence of the decrease of final consumption and the reduction of trade margins: from 31.2% in 2015 and 30.2% in 2016, according to the Annual Survey of Trade.

The activity Transportation, storage and mailing recorded a decrease of 5.6% in value added in 2016, preceded by another decrease of 4.3% in 2015.

Decrease of household expenditure (-3.8%) as the main negative impact

From the perspective of demand, household expenditure, which represents 62.8% of GDP, had the second decrease in a row, resulting in -3.8% in 2016, after -3.2% in 2015. On the other hand, final government expenditure increased 0.2% after a decrease of 1.4% in 2015.

Most of the groups and services which form final household expenditure recorded negative changes of volume in 2016. Among those accounting for the main contributions to household expenditure are: transportation (-8.1%), food and beverages (-3.3%) and household articles (-10.9%).

Expenditure with food and beverages made up 26.0% of the household expenditure in 2016. The share spend on housing made up 18.5% of the total whereas expenditure with transportation was 13.6%, followed by personal expenses, 13.1%.

Gross fixed capital formation fell by 12.1% and amounted to R$ 973 billion in 2016

Gross fixed capital formation (GFCF), which is formed by construction, machinery and equipment, intellectual property products and other fixed assets, amounted to R$ 973 billion. Its change in volume was -12.1%, and it follows another decrease, of 13.9%, in 2015. As a result, the investment rate (FBCF/PIB) in 2016 (15.5%) is the lowest in the series initiated in 1995.

In 2016, the foreign sector contributed positively to the GDP. As seen in 2015, exports had an increase in volume of 0.9% – a still positive change, although smaller than the increase of 6.8% recorded in the previous year. The imports of goods and services decreased 10.3% in volume, also with a decrease below the figure registered in 2015 (-14.2%).

The participation of compensation in GDP remains on an upward trend  (from 44.6% in 2015 to 44.7% in 2016) and there was a slight increase in participation in the gross operating surplus (from 32.1%, in 2015 to 32.3% in 2016) and mixed income (from 8.3% in 2015 to 8.4% in 2016).

Net borrowing of the national economy recorded a decrease of 49.4%

In 2016, net borrowing of the Brazilian economy reached R$ 95.5 billion, and recorded a nominal decrease of 49.4% against the previous year (R$ 188.7 billion). The decrease of net lending between the two years was basically influenced by the performance of external trade. 

Whereas exports of goods and services recorded nominal increase of 1.0% in 2016 (R$ 773.5 billion in 2015 versus R$ 781.6 billion in 2016), imports fell 10.2% (from R$ 842.6 billion in 2015 to R$ 756.5 billion in 2016), due to the reduction of economic activity. 

As a result, the external balance of goods and services of the Brazilian economy recorded positive results, with a change from a deficit of R$ 69.1 billion, in 2015, to a surplus of R$ 25.1 billion in 2016. In addition to that, there was an increase of the net emissions of Income Property to the rest of the world, increasing from R$ 130.6 billion, in 2015, to R$ 131.7 billion, in 2016.

Empresas não financeiras apresentam capacidade de financiamento pela primeira vez

Pela primeira vez na série do Sistema de Contas Nacionais do Brasil – referência 2010, o setor empresas não financeiras apresentou capacidade de financiamento (R$ 20,7 bilhões em 2016). O excedente operacional bruto do setor novamente apresentou crescimento inferior ao das remunerações dos empregados, mantendo a tendência de aumento da participação das remunerações em relação ao valor adicionado bruto. A poupança bruta, por sua vez, aprofundou sua trajetória de queda, passando de R$ 529,0 bilhões em 2015 para R$ 467,6 bilhões em 2016.

Valor adicionado bruto das empresas financeiras cresceu 16,7%

O valor adicionado bruto das empresas financeiras teve crescimento nominal de 16,7%em 2016 em relação a 2015, alcançando R$423,4 bilhões. A despeito da desaceleração da concessão de crédito, a produção dos serviços de intermediação financeira indiretamente medidos (SIFIM) - serviços ligados a concessão de crédito – teve aumento nominal de 18,2%, constituindo um dos fatores que contribuíram favoravelmente para o crescimento do VAB do setor. Uma das razões para isso, foi o aumento da Selic, que fechou o ano no patamar médio de 14,2% a.a, contra 13,5% a.a em 2015. Além disso, houve também um aumento de 6,7% na produção de serviços do sistema financeiro diretamente medidos – serviços associados ao pagamento de tarifas.

Valor Adicionado do governo cresce 6,7%

A produção do setor governo em 2016 atingiu R$ 1,293 trilhões, o consumo intermediário R$ 348,0 bilhões e o e valor adicionado bruto R$ 945,1 bilhões, o que representou 6,7% de crescimento nominal em relação a 2015. Deste modo a participação do setor no VAB da economia alcançou 17,4% contra 17,2% do ano anterior. 

No lado dos recursos, a receita de impostos sobre a produção e a importação aumentou em 1,5% em termos nominais, o que levou a uma queda de 1,6 ponto percentual de participação no total das receitas de impostos e contribuições do governo.

Seguindo a tendência de 2015, a formação bruta de capital fixo do Governo Geral passou de R$ 136,1 bilhões em 2015 para R$ 121,2 bilhões em 2016, registrando uma queda, em termos nominais, de cerca de 10,9%. Todas as esferas de governo apresentaram queda, conforme reportado na publicação da Conta Intermediária de Governo.

O Governo Geral observou ainda redução na necessidade de financiamento, queda de R$ 464,7 bilhões em 2015 para R$ 448,4 bilhões em 2016, em razão da redução de 24,2% das despesas líquidas com juros.

Poupança das famílias aumenta 12,1%

A participação da remuneração na renda disponível das famílias apresentou trajetória crescente até 2011, registrando queda a partir de 2012 (65,2%), atingindo 63,7% em 2016. A renda consumida, ou seja, a parcela do consumo final das famílias na renda disponível, foi de 91,2% em 2014, caindo para 90,3% e 89,4%, em 2015 e 2016, respectivamente.

A trajetória da poupança, que corresponde à diferença entre a renda disponível e o consumo final das famílias, apresenta uma tendência inversa à da relação consumo final/renda disponível. Em 2016, a poupança das famílias aumentou, representando 12,1% da renda disponível. Houve também um expressivo crescimento de 13,0% dos benefícios sociais em espécie (aposentadorias, auxílio-doença, pensões e outros), em comparação ao aumento de 2,5% das contribuições sociais. Essa diferença teve uma contribuição importante no aumento, em termos nominais, de 38,6% na capacidade de financiamento das famílias.