• Highlights

• In 2022, the Gross Domestic Product (GDP) reached R$10.1 trillion, a growth of 3.0% compared to 2021. The per capita GDP reached R$47,802.02.
• Services grew by 4.3%, Industry grew by 1.5% and Agriculture fell by 1.1%.
• Final consumption grew by 3.7%, with household final consumption growing by 4.1% and government final consumption expenditure growing by 2.1%.
• In 2022, Gross Fixed Capital Formation (GFCF) grew by 1.1%, after having increased by 12.9% in 2021. The investment rate was 17.8.
• Gross value added grew by 3.1%. In terms of impact, 2.8 pp is due to the growth of Services and 0.4 pp to the growth of Industry.
• In 2022, nine of the 12 activity groups remained stable or grew. In 2021, the year after the peak of the economic impact of the COVID-19 pandemic, eleven of the 12 activity groups eihter grew or remained stable;
• The IBGE is reformulating the System of National Accounts, changing the base year from 2010 to 2021. As a result, for the year 2022, only updated tables, whenever information is available, and technical notes will be published. More detailed estimates will be temporarily suspended and will not include the details of the Supply and Use Tables - SUTs and the Integrated Economic Accounts - IEAs, published annually.

In 2022, Brazil's Gross Domestic Product (GDP) grew 3.0%, totaling R$ 10.1 trillion. The value added of services grew 4.3%, driven by the increase in household consumption (4.1%), and the per capita GDP was was R$47,802.02. Data are from the System of National Accounts: Brazil, released today (6) by the IBGE.

The gross value added grew 3.1%. In terms of impact, 2.8 pp was due to the growth of Services and 0.4 pp to the growth of Industry, which together account for more than 90% of the indicator. Services, in addition to being the sector with the largest weight, was the one that grew the most. The two most prominent service activities were the ones that grew the most in 2021, after a decline in 2020: Transportation and Other Services, which includes categories of personal services and professional services. This was a continuation of the demand recovery for services after the COVID-19 pandemic.

Household consumption grew by 4.1%

In 2022, final consumption expenditure, which includes consumption expenditure by households, governments, and non-profit institutions, grew by 3.7%. Government final consumption expenditure, which includes expenditure on goods and services provided by the government to the community, grew by 2.1%. Household consumption, which represents 61.4% of GDP, grew by 4.1%.

While from the supply perspective, the Services sector was the driving force, from the demand perspective it was Household Consumption. It is important to separate domestic demand from that of the external sector, since of the 3.0% growth, 2.1 pp came from domestic demand, mainly from household consumption, and 0.9 pp came from external demand, which also increased, since Brazilian exports of goods and services grew more than imports.

Gross Fixed Capital Formation grows by 1.1%

The gross fixed capital formation (GFCF) of the Brazilian economy grew by 1.1% in 2022, the second consecutive year of growth. The current value of GFCF reached R$1.8 trillion and the investment rate, which consists of the ratio between gross fixed capital formation and GDP, was 17.8%, remaining practically stable in relation to 2021 (17.9%).

Reformulation of the System of National Accounts Series

“In this publication, the System of National Accounts will be based on the results of the System of Quarterly National Accounts, since the IBGE is working on a project to reformulate the System of National Accounts series, from the base year 2010 to the base year 2021. Therefore, we are publishing the updated tables only until 2022, whenever information is available, and the technical notes”, explains Rebeca Palis, the National Accounts Coordinator at the IBGE.

To carry out this project it is necessary to define a transition period in which the publication of the more detailed series is temporarily suspended. These results will not include the details provided by the Supply and Use Tables (SUTs) and the Integrated Economic Accounts (IEAs) published with the methodology in force, will be maintained and disclosed with a special emphasis on their preliminary nature, which will be based on the System of Quarterly National Accounts that discloses SUTs of 12 activities for 12 products and the Quarterly Economic Accounts with the aggregated national economy.