Second quarter results were positive across all segments of the economy; key drivers were investments, as well as industrial and agriculture sector performance
BRASILIA - August 30, 2013 (www.investorideas.com newswire) The Federative Republic of Brazil announced today that its 2013 second quarter Gross Domestic Product (GDP) rose 1.5 percent over the first quarter of the same year in the seasonally adjusted series (6.0 percent in annualized rates), according to data released by the Brazilian Institute of Geography and Statistics (IBGE). National production of goods and services amounted to R$ 1.202 trillion (approximately US$ 753.3 billion, using the Q2 2013 average exchange rate).
"The result is very good. Most importantly, it is quality growth, driven by investment, and affecting all segments of the economy, with the highlights being industry and agriculture,” said Finance Minister Guido Mantega. "We are on course for an economic recovery; the measures taken by the government in recent years have produced positive results. The steps we have taken in recent years to reduce financial and fiscal costs and to provide stimuli to investment are now having an effect, and will continue to be reflected in a more competitive and dynamic Brazilian economy," he commented.
Economic growth in the second quarter of 2013 was driven mainly by a 2.0 percent increase in the industrial sector compared to the first quarter of 2013, followed by the agriculture sector, with a 3.9 percent increase. The services sector showed a 0.8 percent increase over the same period.
Brazil reported a 3.6 percent increase in the gross fixed capital formation over this period. In addition, household consumption grew 0.3 percent, and government consumption expanded by 0.5 percent.
2Q 2013 Year-Over-Year Performance
Brazil's economy recorded a 3.3 percent increase for the second quarter of 2013 compared to the second quarter of 2012. The agriculture sector recorded a 13.0 percent year-on-year increase. The industrial sector increased 2.8 percent and the services sector showed a 2.4 percent increase.
Also over this period, Brazil reported a 9.0 percent growth in gross fixed capital formation. Household consumption increased by 2.3 percent and government consumption expanded by 1.0 percent.
Four Quarter Performance
The accumulated GDP for the four quarters ending in the second quarter of 2013 grew 1.9 percent against the previous four quarters. Over this period, the GDP report showed 7.4 percent growth in the agriculture sector, followed by the services sector, with 1.9 percent growth. The industrial sector showed an increase of 0.1 percent.
During this period, household consumption increased by 2.9 percent, government consumption expanded by 2.2 percent and gross fixed capital formation increased by 0.2 percent.
SUMMARY TABLE – Brazil's GDP results at market prices from Q2 2012 to Q2 2013
Source: Brazilian Institute of Geography and Statistics (IBGE)
The Brazilian Institute of Geography and Statistics (IBGE) is the independent and autonomous agency responsible for statistical, geographic, cartographic, geodetic and environmental information in Brazil.
The Secretariat for Social Communication (SECOM) of the Presidency of the Federative Republic of Brazil is responsible for coordinating the public relations activities for the government of Brazil . For more information on the Federative Republic of Brazil, please visit www.brasil.gov.br. The official social media accounts for the Brazilian State are on Facebook and Twitter at http://www.facebook.com/BrazilGovNews/ and twitter.com/BrazilGovNews.
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