Correction went from 5% to 4.8%; The difference was due to the change in the expected value for the services sector
Brazil’s GDP (Gross Domestic Product) growth in 2021 was corrected from 5% to 4.8%, according to data released by the IBGE (Brazilian Institute of Geography and Statistics) this Wednesday (8.Nov.2023).
The downward revision was due to the incorporation of new data on service activities. They indicate a change from 5.2% to 4.8% in sector growth. A highlight, according to IBGE, was the expected drop in transport, storage and mailing activity – which went from 12.9% to 6.5%. Updating the result is the institute’s standard procedure. Here’s the complete of the statement (PDF-549 KB).
Even with the correction, the 2021 GDP showed an increase compared to 2020, when there was a drop of 3.3%. The scenario was due to the context of the covid-19 pandemic.
GDP is the sum of goods and services produced in the country. The data are from System of National Accounts from IBGE
In current values, Brazilian turnover in 2021 was R$9 trillion. GDP per capita reached R$42,247.52. The growth is related to the added value of services, which grew 4.8%, driven by the recovery in family consumption (2.9%).
“The resumption of in-person services paralyzed in 2020, including travel and entertainment, explains part of the growth. Another part was due to the growth of certain industry segments, such as vehicles and machinery and equipment, and the growth of construction”said Cristiano Martins, manager of Goods and Services for National Accounts at IBGE.
After falling 4.4% in 2020, final consumption expenditure (consumption by families, governments and non-profit institutions) grew 3.3% in the following year.
Government final consumption expenditure (expenses on goods and services offered by the government to the community) grew 4.2%. Family consumption, which represents 60.1% of GDP, grew 2.9%.
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