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GDP falls (-0.6%) over figure in Q1 and reaches R$ 1.27 trillion

Comparison period
Q2 2014 / Q1 2014
Q2 2014 / Q2 2013
Cumulative in 4 quarters / 4 previous quarters
Cumulative in 2014 / Cumulative in 2013
Investment Rate (GFCF/GDP) Q2 2014 = 16.5%
Savings Rate (SAVING/GDP) Q2 2014 = 14.1%

Compared with the figure in the first quarter of 2014, seasonally adjusted GDP (Gross Domestic Product) at market prices recorded decrease of 0.6% in the second quarter. Agriculture registered a positive change of 0.2%, whereas industry (-1.5%) and services (-0.5%) faced decrease. In the comparison with the second quarter of 2013, GDP fell by 0.9%. Agriculture remained unchanged (0.0%), industry recorded decrease (-3.4%) and services changed 0.2%.

Considering the cumulative GDP result of the four quarters ending in Q2 2014 (12 months), there was increase of 1.4% in relation to the four previous quarters. In the first semester, GDP grew 0.5% over that of the same period of 2013. GDP at current values reached R$ 1.27 trillion in the second quarter, being R$ 1.1 trillion relative to Value added at basic prices and R$ 183.7 billion to Product taxes net of subsidies. 

The complete publication is available at


Main results of GDP at market prices - Q2 2013 - Q2 2014

Rates (%) 2013.II 2013.III 2013.IV 2014.I 2014.II
Acumulado ao longo do ano / mesmo
período do ano anterior
< Anexo: Tabela 3 >
Last four quarters / four
previous quarters
< Annex: Table 4 >
Quarter / same quarter in the previous
< Anexo: Table 2 >
Quarter / previous quarter
(seasonally adjusted)
< Annex: Table 7 >
Fonte: IBGE, Diretoria de Pesquisas, Coordenação de Contas Nacionais

In relation to Q1 2014, industry and services recorded decreases

GDP at market prices fell by 0.6%, given the comparison between Q2 and Q1 2014, in the seasonally adjusted series. Agriculture changed +0.2%, whereas Industry (-1.5%) and Services (-0.5%) recorded decreases in the period.

Among the sectors which form Industry, only Mining and quarrying recorded increase: 3.2%. Manufacturing industry (-2.4%), Civil construction (-2.9%) and Electricity and gas, sewage and urban sanitation (-1.0%) faced decrease in comparison with figures in the previous quarter.

In Services, the decrease was caused by the negative performance of Trade (-2.2%) and of Other services (-0.8%). The positive highlight was Information services, with growth of 1.1%, followed by Real estate activities and renting (0.6%) and Financial intermediation and insurance (0.4%). The services of Public administration, health and education (0.1%) andd Transportation, storage and mailing (0.0%) remained stable in relation to the previous quarter.

From the perspective of demand, the negative result of GDP was influenced by the reduction of Gross Fixed Capital Formation (-5.3%) andDespesa de Consumo da Administração Pública (-0,7%). Estes recuos foram parcialmente contrabalançados pela Government Consumption Expenditure , wich changed +0.3% in relation to the previous quarter. With reference to the external sector, Exports of goods and services increased 2.8%, whereas Imports recorded decrease of 2.1%.

In relation to the same quarter in 2012, GFCF fell 11.2%

GDP fell by 0.9% in the second quarter of 2014 in comparison with that of the same period of 2013. Value added at basic prices fell 0.7% and impostos sobre produtos líquidos de subsídiosfell 1.9%.

Among the activities which contributed to the generation of value added, the highlight was Industry, which recorded decrease of 3.4%. Manufacturing Industry fell by 5.5%. fell by 5.5%. Its result was influenced by the decrease of output in automotive industry; machinery and equipment; furniture; electric machines and equipment; fabricated metal products;metallurgy; chemical products; rubber and plastic; textiles; and pulp and paper products.

A Civil construction also recorded decrease in the volume of value added: -8.7%. Electricity and gas, water, sewage and urban cleaning, on the other hand, rose 1.0%, due residential consumption of electricity. Mining and quarrying industry increased 8.0% in relation to the second quarter of 2013.

The value added of Services recorded positive change of 0.2% in comparison with the same period of the previous year, the highlight being Information services (3.0%), which includes telecommunications, TV, radio and cinema activities, computer science and other services related to information and communication technologies (ICTs).

Financial mediation and insurance recorded increase of 2.5%, followed by Real estate services and renting(1.5%), Public administration, health and education (1.3%) and Transportation, storage and mailing (which encompasses cargo and passenger transportation), with 0.9%. In terms of Trade Trade (wholesale and retail), on the other hand, there was decrease of 2.4%. Negative results were also recorded by Other services, which, besides services rendered to enterprises, encompasses services rendered to families, private health care, private education, lodging and feeding services, associative services, domestic services and maintenance and repair services: -1.6%.

A Agriculture remained stable (0.0%) in comparison with the same period in the previous year. This result is related to the positive performance of some products which had a relevant harvest in the quarter, and to productivity, according to the Systematic Survey of Agricultural Production (LSPA/IBGE - July 2014), released in August. Among the products recording increase of estimated annual output, some highlights were: soybeans (6.0%), rice (4.4%), cassava (10.4%) and cotton (25.4%). On the other hand, corn and coffee recorded negative changes in the estimated annual production: -4.4% and -6.5%, respectively. It is worth mentioning that, except for rice and cotton, other crops faced decrease in productivity. The estimates for Livestock and Forestry Activities also point to a weak performance throughout the second quarter.

Among the components of domestic demand, a highlight was the decrease of

Fixed Capital Formation in Q2 2014. Tis result is mainly influenced the the fall of domestic output and of imports of capital goods, being also affected by the negative performance of civil condtrution in this period.

Household consumption expenditure increased 1.2%, being the 43rd consecutive positive change on this basis for comparison. One of the factors which led to this result was the behavior of wage bill, with increase, in real terms, of the actual wage bill from all activities by 4.3%, in the second quarter of 2014 and according to the Monthly Employment Survey (PME/IBGE). This result refers only to the four metropolitan areas which recorded negative results in all the months of this quarter: São Paulo, Rio de Janeiro, Belo Horizonte and Recife.

In the external sector, Exports of goods and services recorded increase of 1.9%, whereas Imports fell 2.4%. Among the exports of goods, some highlights with increase were: mining and quarrying industry (mainly oil and coal); steel products; agricultural products; iron and vegetable oil. In terms of imports, the negative highlights were: machinery and tractors; automotive industry; electronic equipment; electric material; mining and quarrying industry; perfumery and pharmaceuticals; rubber articles and wearing apparel.

Cumulative index of four months points to GDP increase of 1.4%

The cumulative GDP of the four months ending in June 2014 recorded increase of 1.4% in relation to the four previous quarters. This rate resulted from the rise of 1.3% of Value added at basic prices and of the rise by 1.9% in product taxes net of subsidies. The result of Value Added in this type of comparison reflected the performance of the following segments: Agriculture (1.1%), Industry (0.5%) and Services (1.6%).

GDP grows 0.5% in the first semester

GDP in the first semester of 2014 recorded increase of 0.5% over that of the same period of 2013. On this basis for comparison, the highlights were Agriculture (1.2%) and Services (1.1%). Industry, on the other hand, faced decrease of 1.4%.

Investment rate in the quarter was 16.5%

Gross Domestic Product in the second quarter of 2014 reached R$ 1.27 trillion, being R$ 1.09 trillion relative to Value added at basic prices and R$ 183.7 billion to Product taxes net of subsidies. Considering Value added of activities in the quarter, Agriculture recorded R$ 82.5 billion, Industry R$ 255.0 billion and Services R$ 750.1 billion.

The investment rate in the second quarter of 2014 was 16.5% of the GDP, below the rate recorded in the same period a year before (18.1%). This increase was mainly influenced by the decrease, in terms of volume, of Gross fixed capital formation in the quarter. The savings rate was 14.1% in the second quarter of 2014 (versus 16.1% in the same quarter of 2013).

In the result of Q2 2014, Gross National Income reached R$ 1,249.6 billion versus R$ 1,197.6 billion in the same period of 2013. On the same basis for comparison, Gross Savings reached R$ 179.0 billion versus R$ 195.6 billion in the same period of the previous year.

Net lending reached, in Q2 2014, R$ 48.0 billion versus R$ 42.3 billion in the same period in the previous year. The rise of Net Lending results, mainly, from the foreign deficit of Goods and services (R$ 2.8 billion) and by the increase of the Net property income sent to the rest of the world.

Social Communication
August 29, 2014

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