The Gross Domestic Product at market prices increased 1.0% in the third quarter of 2004, in comparison to the previous quarter, in the seasonally adjusted series. In the third quarter of 2004, there was growth of 6.1% in comparison to the third quarter of 2003, and of 5.3% cumulative in the year. In the last four quarters, that is, from October 2003 to September 2004, there was change of 4.2% in comparison with the immediately previous twelve months.

After five months of increase, the rate of Industry accelerates and reaches 2.8%.

In the seasonally adjusted series, Industry was the sector of activity which reached most significant increase (2.8%), whereas Services recorded 0.7% and Agriculture fell 3.6%.

Gross Fixed Capital Formation increases 6.7%, the biggest rate since 1994

In relation to components of demand, Gross Fixed Capital Formation increased 6.7% - the biggest result recorded since 1994 - confirming the recovery which started in the third quarter of 2003. Household consumption recorded a rate of 1.4% in the third quarter in relation to the second quater of 2004 and Government consumption recorded a change of -0.2%. In this type of comparison, Exports of Goods and Services increased 1.5% and Imports of Goods and Services 3.7%.

In comparison with Q3 2003, GDP grew 6.1%, recording the highest rate since 1996 

GDP at market prices grew 6.1% in Q3 2004, in comparison with results of the same period if 2003. It is the bigest result since the third quarter of 1996, when the rate had reached 6.3%. Value Added at basic prices increased 5.5% and Taxes on Products, 11.4%. The three sectors which contributed to the generation of Value Added recorded positive rates in comparison with the same period a year before. Industry was the highlight, having increased 7.0%, followed by Agriculture(4.9%) and Services (4.7%).

Household consumption increases 5.7%, its highest rate since 1997

Among the components of demand, in the third quarter of 2004 versus the same quarter in 2003, Household consumption recorded increase of 5.7% - the biggest figure since the second quarter of 1997 (6.0%). One of the factors contributing to this result was the rise of 5.3% of the salary volume of workers in the quarter (according to PME results).

After repeated negative results throughout the four months of 2003, Gross Fixed Capital Formation remained recrding increase in the quarter (20.1%), and presented the highest rate since 1995. Government consumption was the component of demand which recorded the smallest change (0.3%).

Considering external demand, Exports of Goods and Services (18.2%) remained on an upward trend. Also in this type of comparison, Imports of Goods and Services increased as well (17.7%), and remained on an upward trend as started in Q3 2003. This is the biggest increase since the first quarter of 2001.

With the biggest rate since 1995, cumulative GDP in the year increased 5.3%

Considering the cumulative index in the year, GDP at market prices recorded increase of 5.3% in relation to the same period in 2003, the highest result since 1995 (6.4%). In the same basis for comparison, Industry and Agriculture grew 6.3% and 5.6%, respectively, and Services, 3.8%.

In Industry, the highlight was Manufacturing, with hike of 7.4%. Other subsectors also recorded positive rates: Civil Construction, 5,9%; Industrial Services of Public Utility, 4.1%; and Mining and Quarrying Industry, 2.1%.

In relation to Services, the highlights were the subsectors of Trade (8.1%) and Transportation (5.6%). Increase was also recorded by Other services (5.5%), Financial Institutions (4.0%), Public Administration (2.2%) and Rents (1.6%) and, to a lower extent Communications (0.5%).

In the analysis by demand, Household Consumption increased 3.9% and Gross Fixed Capital Formation , 11.8%, the highest cumulative rate in three months since 1995. The same way, Government consumption recorded increase of 0.6%. In terms of the external sector, Exports and Imports of Goods and Services recorde positive rates of 18.6% and 14.9%, respectively.

In relation to the four previous quarters, all sectors recorded increase

GDP at market prices cumulative in the four quarters, ending in September 2004, recorded change in volume of 4.2%, in relation to the four previous quarters. This result was reached due to the change of Value Added at basic prices (3.9%) and of Taxes on products (6.3%). In terms of Value added, the three sectors recorded postitive results: Agriculture, 5.3%; Industry, 4.6% and Services, 3.1%. Among the subsectors of industry, Manufacturing industry, Mining and quarrying industry and Industrial Services of Public Utility presented, respectively, the following changes: 5.6%, 5.5% and 3.3%

Civil Construction, after four consecutive decreases, increased 2.2% regarding the cumulative index of twelve months. Except for the subsector of Communications, which, once more, had no positive rate in this type of comparison (-0.1%), the other components of the sector of Services recorded increase: 6.1%, Trade; 5.1%, Transportation; 4.3%, Other services; 3.1%, Financial institutions; 1.9%, Public administration and 1.8%, Rents .

Considering results in terms of demand, in the last four quarters, the highlight was the increase of Gross Fixed Capital Formation, by 7.7%. Household Conumption and Government Consumption recorded changes of 3.2% ad 0.8%, respectively. Considering external demand, Exports of Goods and Services increased 15.2% and Imports, 13.7%.