The Gross National Product at market prices of the third quarter of 2005 was R$ 497.5 billion, being R$ 445.2 billion of Value Added at basic prices and R$ 52.2 billion of Taxes on Products.

The Gross National Product at market prices of the third quarter of 2005 was R$ 497.5 billion, being R$ 445.2 billion of Value Added at basic prices and R$ 52.2 billion of Taxes on Products. Among the components of Value Added, Agriculture reached R$ 37.9 billion, Industry, R$ 180.7 billion and Services, R$ 250.8 billion.

Hence, the GDP accumulated in the year until September was R$ 1,415.8 billion and, regarding supply, Agriculture reached R$ 114.7 billion, Industry, R$ 503.0 billion and Services, R$ 713.5 billion.

Among the components of demand, in the third quarter, Family Consumption totaled R$ 271.8 billion, Government Consumption, R$ 93.3 billion and Gross Fixed Capital Formation, R$ 101.7 billion. Regarding the Balance of Goods and Services, it remained with surplus of R$ 24.6 billion (R$ 86.6 billion of exports and R$ 62.0 billion of imports), and the Stock Change was R$ 6.1 billion.

The investment rate in the third quarter of 2005 was 20.4% of the GDP. In the comparison with the same period of the previous year, this rate fell by 0.5 percentage points. Regarding the savings rate, it reached 24.3% of the GDP, the second highest value of the series initiated in 1995, only lower than the value of 2004, in which it registered 25.4% of the GDP. Below, the graphs show the evolution of these rates.

The graphs II.1 and II.2 present the data of investments and savings as percentage of the GDP of the years 1995 to 2005, in the third quarter of each year.

In relation to Q3 2004, there was reduction of 1.1 billion in the financing capacity

The financing capacity of the national economy was R$ 13.4 billion in the third quarter of 2005, which means, a reduction of R$ 1.1 billion if compared to the same period of 2004 (R$ 14.5 billion). This fall occurred, mainly, due to the increase in the net sending abroad of profits and dividends (R$ 1.6 billion more), resulting in the diminishment of the Foreign Current Balance (R$ 2.2 billion). The Foreign Current Balance of Goods and Services changed from a surplus of R$ 24.9 billion, in the third quarter of 2004, to R$ 24.6 billion, in the same period of 2005.

The Gross National Income reached R$ 483.7 billion in the third quarter of 2005 compared to the R$ 444.9 billion in the third quarter of 2004. In this same base of comparison the Gross Savings reached R$ 120.7 billion in 2005, which represents an increase of R$ 4.6 billion when compared to the third quarter of 2004 (R$ 116.1 billion). In the accumulated index of the year, until September, the Gross National Income reached R$ 1,370.7 billion and Gross Savings, R$ 333.6 billion.

Financial Account: Brazilians invest less resources abroad

In the third quarter of 2005, the data of the Quarterly Financial Account presented a reduction in assets variation – which passed from a net investment of R$ 23.2 billion in the third quarter of 2004 to R$ 9.1 billion in the same period of 2005. Regarding liabilities, the net positive funding of R$ 8.4 billion changed to a net negative funding of R$ 4.6 billion, in the same period of comparison.

In the quarter, among the factors which influenced the net negative funding in relation to the third quarter of 2004 stood out: reduction of entrance of resources through short-term securities, Securities except Shares– F.3; increase of amortizations of long-term loans and financings, Loans and Financings – F.4 and reduction of funding through Shares and Other Participation of Capital - F.5.

Regarding the financial instrument F.3, the funding of the third quarter of 2004 was negative in R$ 2.7 billion, changing from an also negative funding of R$ 5.0 billion in the same period of 2005. This result was influenced by the reduction in the entrance of resources of short-term fixed revenue securities negotiated abroad, whose net positive variation changed from R$ 3.4 billion to R$ 441.2 million in the third quarter of 2005. In the financial instrument F.4 there was increase in the net negative funding (from R$ 9.5 billion in the third quarter of 2004 to 13.3 billion in the third quarter of 2005), standing out in this variation, the payment of amortizations in R$ 11.8 billion in loans to the International Monetary Fund in July 2005. In relation to the instrument F.5, the net positive funding changed from R$ 25.8 billion to R$ 17.0 billion in the third quarter of 2005, being that the main reason of this decrease was the reduction of the Foreign Direct Investment (IED), which had a positive change of R$ 11.8 billion in the quarter compared to R$ 26.2 billion in the same period of 2004.

In the assets changes in the quarter - from R$ 9.1 billion compared to R$ 23.2 billion in the same period of 2004 – stands out the reduction of investments through the instrument F.3, which changed from R$ 19.4 billion in the third quarter of 2004 to R$ 13.4 billion in the third quarter of 2005. In the transactions of this instrument are included the reduction in the investments of the International Reserves in form of Bonus and Notes, which reached R$ 13.6 billion in the third quarter of 2005, compared to a net variation of R$ 20.2 billion in the same period of 2004. Another factor referent to the drop in the assets variations, refers to reduction in investments in the instrument F.5, specifically in the Direct Brazilian Investment (IBD), which registered a positive net investment of R$ 15.8 billion in the third quarter of 2004, changing to a net variation of R$ 1.4 billion in the same period of 2005. Another instrument which registered fall in investment was F.7 – Other Credits and Debits – which had a net positive investment of R$ 8.2 billion in the third quarter of 2004 and reduced to an investment of R$ 87 million in the same period of 2005, referent to intercompany loans. It is worth mentioning, still, in the assets variations, the reduction in the net negative investments in F.2 – Cash and Deposits, from R$ 21.3 billion in the third quarter of 2004 to R$ 6.8 billion in the same period of 2005. The reduction of the negative change was influenced by investments in cash and deposits in the financial sector, which changed from R$ 65 million to R$ 11.7 billion, respectively, in the third quarter of 2004 and 2005.

In the quarter, there was reduction of R$ 6.2 billion in the international reserves

The data of tables III.3 and III.4 show that, accounting the transactions referent to the agreements with the IMF, in the third quarter of 2005, the international reserves of the National Economy fell by R$ 6.2 billion, against a reduction of R$ 2.2 billion in the third quarter of 2004. Excluding the transactions with the Monetary Fund, there was an increase of reserves, amounting to R$ 5.7 billion, compared to a decrease of R$ 185 million in the third quarter of 2004. In the accumulated index of the three first quarters of 2005, there was growth of the international reserves, with the accounting (R$ 19.5 billion), as well as without the accounting of the transactions with the IMF (R$ 38.5 billion).

Table III.5 – National Economy – Integrated National Accounts

1. See table IV.5.

2. Including reserve assets.

3. In the financial instrument F.5 (Shares and Other Capital Participations) are not included in intercompany loans. These loans are accounted in the instrument F.7 (Other Credits and Debits).