The GDP (Gross National Product) increased 1.7% in the comparison of the third quarter with the second quarter of 2007, in the series seasonally adjusted. The major highlight was agriculture (7.2%), followed by industry (1.8%) and services (1.2%). 

The GDP (Gross National Product) increased 1.7% in the comparison of the third quarter with the second quarter of 2007, in the series seasonally adjusted.  The major highlight was agriculture (7.2%), followed by industry (1.8%) and services (1.2%).  In the comparison with the third quarter of 2006, the GDP had increase of 5.7%, being 5.2% the growth of value added at basic prices and 8.7% taxes on products.  In this type of comparison, agriculture increased 9.2%, followed by industry (5.0%) and services (4.8%).  In the indicator accumulated January - September 2007, the GDP increased 5.3%, in relation to the same period of 2006, being that the rates of industry, services and agriculture were 5.1%, 4.7% and 4.3%, respectively.  The growth of the GDP accumulated in the four quarters closed in the third quarter of 2007 was 5.2%, in relation to the immediately four previous quarters.

In values, the GDP of the third quarter of 2007 reached R$ 645.2 billion, being R$ 551.6 billion referent to the value added; and R$ 93.5 billion, to taxes.

 Main results of the GDP at market prices from Q3 of 2006 to Q3 of 2007

 omparison with the second quarter of 2007, the analysis of the GDP by the domestic demand highlighted the growth of gross fixed capital formation (or investment), 4.5% in the third quarter of this year.  The consumption of families increased 1.5%, followed by the consumption of public administration (0.3%).

 By the analysis of the foreign sector, exports increased 1.4%, while imports increased 9.1%.

 Manufacturing industry continued as highlight in the comparison with Q3, 2006 and in the indicator accumulated in the year 2007

 In the comparison of Q3, 2007 with Q3, 2006, the rate of agriculture (9.2%) can be explained partly, by the performance of some products such as wheat and sugar cane, with estimates of growth of production in this year of 59.3% and 13.1%, respectively.

In the industrial activity (5.0%), the highlight was the manufacturing industry (5.7%), favored by the performance of manufacturing of chemical products, electric machines, equipment and material and automotive sector.  Construction increased 5.0%, followed by electricity and gas, water, sewage and urban sanitation (3.8%).  Finally, mining and quarrying had growth of 2.0%, mainly due to the increase of 1.3% in the production of petroleum and gas and 11.8% in the production of iron ore.

 In the sector of services (4.8%), the major highlights came from financial mediation and insurances (13.3%); information services (8.6%); retail and wholesale trade (7.4%); transportation, storage and mail (4.6%); and real estate and renting services (3.2%).  The other sub-sectors had the following performances: other services (2.0%); public education, health and administration (1.5%).

The best performance of the sub-sector financial mediation and insurances showed the nominal increase of 27.8% of the credit operations of the financial system with directed and free resources.

Among the components of the domestic demand, in the comparison with the third quarter of 2006, the major highlight was the growth of 14.4% of gross fixed capital formation, explained mainly by the increase in production and in imports of machines and equipment.   The average of the effective interest rate Selic in the third quarter of 2007 (11.5% in the year) was the lowest among all the quarters of the year 2006, the first and second quarter of 2007.

The consumption of families had a positive rate of 6.0%, the 16th consecutive growth in this comparison, result, in part, of the increase of 4.3% of the real overall wages¹ .  Besides this, there was a nominal growth of 30.4% in the balance of credit operations of the financial system with free resources for individuals² .  The consumption expenses of the public administration increased 3.5% in the third quarter of 2007, in comparison with the same period of 2006.

In the analysis of the foreign demand, exports maintained growth (1.8%), despite the deceleration. Imports also increased once again in this comparison (20.4%), the 16th consecutive growth.  Since the first quarter of 2006, imports increase more than exports in the same base of comparison. 

In the indicator accumulated from January to September of this year, all the four sub-sectors of industry (5.1%) registered positive rates, in relation to the same period of 2006, being that the  highlight came from the manufacturing industry (5.5%).  Construction; and electricity and gas, water, sewage and urban sanitation had increases of 4.6% and 4.5%, respectively.  Mining and quarrying increased 4.0%.

In the sector of services (4.7%), the major increases accumulated in this year were financial mediation and insurances (10.7%), services of information (7.7%) and trade (7.3%).  The other sub-sectors also had growth: transportation, storage and mail (4.8%); real estate and rental activities (3.9%); other services (2.8%) and public education, health and administration (1.7%).  

In the analysis of the domestic demand, in this same comparison, stood out the growth of 12.4% of gross fixed capital formation, followed by family consumption (5.9%) and government consumption (3.9%). In the analysis of the foreign sector, imports continued growing (19.6%) in a rate above the one of exports (6.7%).

GDP accumulated in the last four quarters had major increase since 2004

The graph below shows the rates of growth accumulated in the last four quarters for the GDP at market prices, since the first quarter of 1996.  It may be observed, after the growth of 2004, when the rate reached 5.7%, there was a decrease, reaching 3.0% in the second quarter of 2006, and now an acceleration of 5.2%, in the third quarter of 2007. 

Financing need reached R$ 255 million in the third quarter of 2007

The GDP reached R$ 645.2 billion in the third quarter of 2007, being R$ 551.6 billion of value added at basic prices and R$ 93.5 billion of taxes on products.

 The financing need reached R$ 255 million, compared to a financing capacity of R$ 14.1 billion in the third quarter of 2006.  The result was explained mainly by the reduction in the foreign balance of goods and services, amounting to R$ 12.8 billion, and by the increase of R$ 1.1 billion in net property income sent abroad.  In the result accumulated in the year, the financing capacity reached R$ 1.9 billion, compared to R$ 15.8 billion in the same period of 2006.

The gross national income reached R$ 633.1 billion in the third quarter of 2007 compared to R$ 581.4 billion in the same period of 2006.  In this same base of comparison, gross savings reached R$ 125.4 billion, compared to R$ 119.4 billion in the previous year.  In the indicator accumulated in 2007, the gross national income reached R$ 1,839.6 billion; and the gross savings, R$ 350.6 billion.

Notes

1 - According to the Monthly Employment Survey (PME/IBGE).

2 - According to the press note “Monetary Policy and Credit Operations of the Financial System”.