São Paulo – The Brazilian Gross Domestic Product (GDP), which is the sum of all goods and services produced in the country, grew 8.9% in the first half, compared with the first six months of last year. The result is the highest for a half-year period ever since the series was initiated, in 1996. The data were disclosed this Friday (3rd) by the Brazilian Institute of Geography and Statistics (IBGE).
The survey also shows that the GDP grew 1.2% in the second quarter this year, compared with the three previous months. During the period, the economy recorded a turnover of 900.7 billion Brazilian reals (US$ 518.6 billion). In the first quarter, there was growth of 2.7% over the fourth quarter of 2009. According to the IBGE, the growth rate in the second quarter this year was 8.8% in comparison with the same period of 2009. Over a 12-month period, there was growth of 5.1%.
Agriculture was the sector of the economy with the highest growth rate in the second quarter this year, compared with the preceding quarter, at 2.1%. According to the IBGE, the industry grew 1.9% and the services sector grew 1.2%.
With regard to domestic demand components, the highlight was gross fixed capital formation (planned investment), which grew 2.4%. Public administration consumption grew 2.1% and family consumption grew 0.8%.
With regard to foreign countries, imports of goods and services grew 4.4% and exports grew 1%. The rate of investment was 17.9% of the GDP, and the gross savings rate was 18.1%.
In the comparison between the second quarter this year and the same period of 2009, the highest increase was that of the industry, which grew by 13.8%. Agriculture grew 11.4% and services grew 5.6%. Using this basis of comparison, investment was also the field that grew the most among domestic demand components, at 26.5%. Family consumption grew 6.7% and government spending grew 5.1%.
In the first half, the growth rates were as follows: agriculture (8.6%), industry (14.2%), services (5.7%), investment (26.2%), family consumption (8.0%) and government spending (3.6%).
Over a 12-month period, the rates were: agriculture (1.6%), industry (5.6%), services (4.5%), investment (8.9%), family consumption (6.9%) and government spending (3.4%).
*With information from Agência Brasil. Translated by Gabriel Pomerancblum
