In the seasonally-adjusted series, the GDP grew 0.8% in the first quarter of 2024 against the fourth quarter of 2023. From the point of view of the production, Services (1.4%) and Agriculture (11.3%) stood out, whereas Industry remained stable (-0.1%).

The GDP added up to R$2.7 trillion in the first quarter of 2024, being R$2.4 trillion relative to Value added at basic prices and R$361.1 billion to Product taxes less subsidies .  In the same period, the investment rate was 16,9% of the GDP, below the rate of 17.1 recorded in the first quarter of 2023. The savings rate was 16.2% against 17.5% in the same quarter of 2023.

The GDP advanced 2.5% in relation to the first quarter of 2023. Industry (2.8%) and Services (3.0%) advanced in the period, whereas Agriculture (-3.0%) retreated.

GDP grows 0.8% over the immediately previous quarter 

In the seasonally-adjusted series, the GDP grew 0.8% in the comparison between the first quarter of 2024 and the fourth quarter of 2023. Under the point of view of production, the growth in Services (1.4%) stood out. Agriculture (11.3%) rose as well, whereas Industry (-0.1%) remained stable.

Among the industrial activities, the activities of Electricity and gas, water, sewerage and waste management (-1.6%), Construction (-0.5%) and Mining and quarrying industries (-0.4%) dropped. On the other hand, Manufacturing industries (0.7%) had a positive performance.

In the Services activities, Trade (3.0%), Information and communication (2.1%), Other services activities (1.6%), Real estate activities (1.0%) and Transportation, storage and mailing (0.5%) grew. In contrast, the activities of Financial intermediation and insurance (0.0%) and Public administration, health and education (-0.1%) remained stable.

Under the point of view of expenditure, Household consumption expenditure (1.5%) and Gross Fixed Capital Formation (4.1%) expanded, whereas Government consumption expenditure (0.0%) remained stable.

Concerning the foreign sector, Exports of Goods and Services registered a positive change of 0.2%, whereas Imports of Goods and Services grew 6.5%.

GDP rises 2.5% over Q1 2023

The GDP grew 2.5% in the first quarter of 2024 compared with the first quarter of 2023. The Value added at basic prices increased 2.3% and the Product taxes net of subsidies, 3.4%.

Among the activities, Agriculture retreated 3.0% in relation to the same period a year ago. Despite the positive contribution of Livestock, according to the Systematic Survey of Agricultural Production (LSPA/IBGE), some agricultural products, whose harvests are significant in the first quarter, reduced their estimates of annual production and lost productivity: soybeans (-2.4%), corn (-11.7%), tobacco (-9.6%) and cassava (-2.2%).

Industry grew 2.8%. Mining and quarrying industries (5.9%) recorded the best figure, affected by the extraction of petroleum and gas and of iron ore. The activity of Electricity and gas, water, sewerage and waste management (4.6%) also stood out, especially the residential consumption.

Construction (2.1%), in turn, reported the second consecutive rise, supported by the increase in employment and in the production of typical inputs. Manufacturing industries (1.5%) registered the smallest growth in this comparison, pressed by the rise in the manufacture of coke and petroleum products and biofuels, food products and beverages.

The Services sector grew 3.0% over the same period in 2023, with rises in all of its activities: Other services activities (4.7%), Information and communication (4.6%), Real estate activities (3.9%), Trade (3.0%), Financial activities, insurance and related services (2.5%), Administration, defense, public health and education, and social security (1.3%) and Transportation, storage and mailing (0.4%).

In the first quarter of 2024, both Household consumption expenditure (4.4%) and Government consumption expenditure (2.6%) rose in relation to the first quarter of 2023.

Gross Fixed Capital Formation advanced 2.7% in the first quarter of 2024 after three drops in a row. The growth in the imports of capital goods, the positive performance of constructions and the increase in the development of systems surpassed the drop in the domestic production of capital goods.

In the foreign sector, Exports of Goods and Services advanced 6.5%, whereas Imports of Goods and Services increased 10.2% in the first quarter of 2024.

GDP accumulates rise of 2.5% in four quarters against the same period in 2023 

The cumulative GDP in the four quarters ended in March 2024 recorded an increase of 2.5% in relation to the four immediately previous quarters.  This rate resulted from the advances of 2.6% in the Value Added at basic prices and of 2.0% 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 (6.4%), Industry (1.9%) and Services (2.3%).

Among the industrial activities, Mining and quarrying industries (8.2%) and Electricity and gas, water, sewage and waste management activities (5.9%) grew, whereas Construction (-0.3%) and Manufacturing industries (-0.6%) retreated.

Services registered positive results in all activities: Financial activities, insurance and related services (5.7%), Real estate activities (3.2%), Other services activities (2.7%), Information and communication (2.3%), Transportation, storage and mailing (1.6%), Administration, defense, public health and education, and social security (1.3%) and Trade (1.0%).

In the analysis of demand, Household consumption expenditure (3.2%) and Government consumption expenditure (2.1%) rose, whereas Gross Fixed Capital Formation dropped (-2.7%).

In the foreign sector, Exports of goods and services expanded 9.0%, whereas Imports of goods and services rose 0.8%.