In the second quarter of 2024, GDP increased by 1.4% against Q2 2024, in the seasonally adjusted series. From the perspective of production, Services (1.0%) and Industry (1.8%) recorded increases, whereas Agriculture (-2.3%) dropped.

GDP amounted to R$ 2.9 trillion in Q2 2024, being R$ 2.5 trillion from Value added at basic prices and R$ 387.6 billion from Taxes net of subsidies. In the same period, the investment rate was 16.8% of the GDP, being above the 16.4% registered in the second quarter of 2023. The savings rate reached 16.0%, below the 16.8% of the same quarter in 2023.

Against Q2 2023, GDP advanced by 3.3%. Industry (3.9%) and Services (3.5%) increased in the period, whereas Agriculture (-2.9%) decreased.

GDP grows by 1.4% from the immediately previous quarter 

In Q2 2024, GDP grew by 1.4% against the first quarter of 2024, in the seasonally adjusted series. The best result was that of Industry, which grew by 1.8%, followed by Services, which advanced by 1.0%. Agriculture decreased by 2.3%.

The increase of Industry was due to positive results of the activities Electricity and gas, water, sewage, waste management activities (4.2%), Construction (3.5%) and Manufacturing Industry (1.8%). On the other hand, there was a drop of 4.4% in Mining and quarrying industry.

In Services, increase was observed in Financial and insurance activities and related services (2.0%), Information and communication (1.7%), Trade (1.4%), Transportation, storage and mailing (1.3%), Administration, defense, public health and education and social security (1.0%), Real estate activities (0.9%) and Other service activities (0.8%).

From the perspective of expenditure, Household consumption expenditure (1.3%), a Government Consumption Expenditure (1.3%) and Gross Fixed Capital Formation (2.1%) increased against the immediately previous quarter.

As for the foreign sector, Exports of Goods and Services rose by 1.4%, whereas Imports of Goods and Services increased by 7.6% from the first quarter in 2024.  

GDP grows by 3.3% from the same quarter in 2023

Against the same period a year ago, GDP increased by 3.3% in the second quarter of 2024. Value added at basic prices increased by 3.0% and taxes net of subsidies advanced 5.4%.

Agriculture fell by 2.9% against the same period in 2023. The Systematic Survey of Agricultural Production (LSPA) released in August recorded a decrease in the annual production estimate and loss of productivity in crops harvested in the second quarter, such as corn (-10.3%) and soybeans (-4.3%). These drops surpassed the positive performance of crops such as coffee (6.6%) and upland cotton (10.8%), for example.

Industry increased by 3.9%, with Electricity and gas, sewage, water, waste management activities as the highlights, with an increase of 8.5%, a result favored by the bigger consumption of electricity in all classes, mainly the residential segment, and the continuity of the green tariff flag. Construction, in turn increased by 4.4%, with the rise of typical inputs and employment in the activity.

Manufacturing industry had its second consecutive increase (3.6%), after drops in all the quarters of 2023. This result was a consequence of increases in the food industry, in Other Transportation equipment, in Electrical machinery and apparatuses and in Furniture. Mining and quarrying industry (1.0%) also advanced, with the increase in extraction of oil and gas.

The value added of Services increased by 3.5% from the same period a year ago. All the sectors recorded positive results: Information and communication (6.1%), Other service activities (4.5%), Financial and insurance activities and related services (4.0%), Trade (4.0%), Real estate activities (3.7%), Administration, defense, public health and education and social security (1.9%) and Transportation and mailing (0.7%).

The remainder is temporarily in Portuguese. 

In the second quarter of 2024, Household Consumption Expenditure increased by 4.9%. The result was influenced both by the increase in real wage bill and in the credit available for families and lower interest rates. Government Consumption Expenditure (3.1%) also recorded an increase against the second quarter of 2023.

Gross Fixed Capital Formation increased by 5.7% in the second quarter of 2024. This change results from the rise of domestic demand and imports of capital goods, besides the positive performances of Construction and the development of computer systems.

In the foreign sector, Exports of Goods and Services increased by 4.5% and Imports of Goods and Services rose 14.8% in the second quarter of 2024. The expansion of exports is mainly due to extraction of petroleum and natural gas; food industry; agriculture; and petroleum derivatives. The highlights in exports were car industry; chemicals; metal products; agriculture and services.      

In four quarters, GDP has cumulative increase of 2.5%, against the same period in 2023  

Cumulative GDP in four quarters ending in June 2024 grew by 2.5% against the four immediately previous quarters. This rate resulted from the increase of 2.4% in Value Added at basic prices and of 2.7% in Taxes net of subsidies. The performance of the following segments accounted for the result of value added: Agriculture (0.0%), Industry (2.6%) and Service (2.6%).

In Industry, Electricity and gas, water, sewage and waste management activities (7.3%), Mining and quarrying industry (6.2%), and Manufacturing industry (0.7%) and Construction (0.6%) grew. 

As for Services, all the activities recorded positive results: Financial and insurance activities and related services (4.8%), Real estate activities (3.5%), Other service activities (3.1%), Information and communication (2.9%), Trade (1.8%), Administration, defense, health and public health and education and social security (1.4%) and Transportation storage and mailing (0.7%). 

Household Consumption Expenditure (3.7%) and Government Consumption Expenditure (2.4%) increased, whereas Gross Fixed Capital Formation (-0.9%) decreased for the fourth consecutive quarter. 

In the foreign sector, Exports of Goods and Services increased by 7.0%, and Imports of Goods and Services, by 4.1%.