The accumulated GDP in the four quarters of 2004 grew 5.2% in relation to the previous year, its major annual rate since 1994 (5.9% in relation to 1993). The rate of the GDP resulted from the elevation of 4.8% in the Value Added at Basic Prices and of the increase of 8.5% in the Taxes on Products. Regarding the GDP per capita, it grew 3.7% in the year, also the highest rate since 1994 (4.2%). The annual average real growth of the GDP in the last 10 years (1995 to 2004) was 2.4%, and of the GDP per capita, 0.9%. In the graph III.1 we observe the growth of the GDP and of the GDP per capita in the last ten years.

The result of the Value Added of 2004 is a consequence of the performance of three sectors that comprise it: Industry (6.2%), Agriculture (5.3%) and Services (3.7%). Among the sub sectors of the Industry, the highlight was Manufacturing (7.7%), with Construction and Public Utilities (5.7% and 5.0%, respectively) following it. Considering Mining and Quarrying, it fell 0.7%, due to the negative performance of petroleum and gas.

The major increases in the Services were Trade and Miscellaneous Services (7.9% and 5.6%, respectively), followed by Transport (4.9%), Financial Institutions (4.3%), Rents (1.8%), Communication (2.0%) and, in a lesser magnitude, Public Administration (1.6%). In the graph III.2, by sub sectors, the accumulated index in 2004 and 2003.

In the graph III.3, the evolution of the accumulated index in the last four quarters, since the first quarter of 1993.

The Consumption of Families increased 4.3%, the major accumulated rate in four quarters since the first quarter of 2001, favored by the elevation of 1.5% of the income mass, in real terms. Another factor that contributed for this growth was the elevation in 22.2% (in nominal terms) of the balance of credit operations of the financial system with free resources for physical persons .

The Gross Fixed Capital Formation increased 10.9%, which is its major rate since the third quarter of 1997. The part referent to construction increased 5.9% and machines and equipment, 19.3%. In the same comparison, the Government Consumption increased 0.7%. Regarding the foreign sector, the Exports of Goods and services increased 17.9% in 2004 in relation to 2003. Finally, the Imports of Goods and Services increased 14.3%.

GDP changed 0.4% in relation to the third quarter

The GDP at market prices changed 0.4% between the fourth and third quarter of 2004, in the seasonally adjusted series. Agriculture had the most significant growth (2.0%), while Industry and Services registered 0.5%. In the graph II.1, we observe the changes in relation to the previous quarter of the GDP at market prices and of its main sectors for the last four quarters.

The Exports of Goods and Services increased 3.2%, maintaining the ascending trend, in this comparison, since the second quarter of 2003. The Family Consumption increased 1.3% and the Government Consumption changed 0.5%. On the other hand, the Gross Fixed Capital Formation fell 3.9% and the Imports of Goods and Services increased 2.7%.

GDP increases 4.9% in relation to the same quarter of 2003

The GDP increased 4.9% in the fourth quarter of 2004, in relation to the same period of 2003. The Value Added at Basic Prices increased 4.4% and the Taxes over Products increased 9.5%.

The three sectors that contributed to the formation of the Value Added increased in relation to the same period of the previous year. Industry (6.0%) was the highlight, followed by Services (3.8%) and Agriculture (2.9%). The rate of Agriculture, lower than the three first quarters of the year, is a consequence of the performance of some products whose harvests are more relevant in the fourth quarter, such as wheat in grain, oats, garlic, banana and onions.

In the industrial activity, the sub sector with the most significant growth rate was Manufacturing (8.3%), boasted by the increase in the production observed in the segments of durable goods, especially the automotive sector. In second place remained the Public Utilities with growth of 7.3%, followed by Construction (5.2%). The only sub sector with fall, in this comparison, was Mining and Quarrying (-8.0%), influenced by the high base of comparison of the previous year and by the negative performance of the product petroleum and gas in 2004.

The sector of Services followed the positive results of Industry and Agriculture, recording increases in all the sub sectors that comprise it. The major highlight was Trade (wholesale and retail): 7.1% in the quarterly comparison. Following it came Miscellaneous Services (6.2%), Financial Institutions (5.0%), Communications (4.8%), Transport (3.6%), Rents (2.1%), Public Administration (0,9%). The graph II.6 presents the quarterly rates for the GDP and its main sub sectors, in the fourth quarter of the years 2003 and 2004.

Consumption of families increased for the fifth time in the comparison with the same period of last year

Among the components of the demand, in the fourth quarter of 2004 in relation to the same quarter of 2003, the Family Consumption kept a significant growth of 5.4%. After recording nine quarters without growth, from the third quarter of 2001 up to the quarter of 2003, this item obtained its fifth positive change in a row in this comparison. One of the factors that contributed for this result was the elevation of 6.0% in the income mass of the workers in the quarter.

The Gross Fixed Capital Formation, after successive falls in the course of the four quarters of 2004, had its fourth growth (9.3%) in a row.

By the foreign demand analysis, the exports of goods and services kept growing (16.2%) and the imports presented, once more, increase in this comparison (12.8%). The graph II.7 shows the taxes of quarterly change among the components of demand for the last four quarters.
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¹ According to the Monthly Employment Survey (PME/IBGE).

² Central Bank of Brazil: Note to the press Domestic Public Federal Mobiliary Debt and Open Market.

³ To obtain more information about the industrial production consult the Monthly Survey of Mining and Manufacturing Physical Production -PIM-PF of the IBGE.