The GDP ¹  at market prices recorded hike of 6.8% in the third quarter of 2008, in relation to the same quarter of 2007.  The value added at basic prices recorded an increase of 6.3% and the excise taxes had a hike of 10.1%.  In the rate accumulated in the twelve months closed in September, the growth was of 6.3% in relation to the immediately previous quarters.

The GDP at market prices recorded growth of 1.8% in the third quarter of 2008, in relation to the second quarter, in the series seasonally adjusted.  The highlight was recorded by industry, with growth of 2.6%, followed by agriculture, with increase of 1.5%, and services with increase of 1.4%.  It is worth mentioning that the series are seasonally adjusted in a direct way, which means, the series are adjusted individually.

The gross domestic product at market prices, for Q3, 2008, reached R$ 747.3 billion, with R$ 631.5 billion referent to the value added at basic prices and R$ 115.8 billion referent to the excise taxes.

In relation to the components of domestic demand stood out the growth of the gross fixed capital formation by 6.7% in the third quarter of 2008 in comparison to the second quarter.  Household consumption increased by 2.8%, followed by public administration consumption with increase of 1.5%.  Regarding the foreign sector, the exports of goods and services recorded decrease of 0.6% and the imports of goods and services increased by 6.4%, presenting the 12th consecutive growth in this base of comparison.

The graph II.1, below, shows the changes in relation to the immediately previous quarter of the GDP at market prices and of its main sectors for the last four quarters. 

In Q3, in relation to the same period of 2007, construction increased by 11.7%

 The GDP at market prices had an increase of 6.8% in Q3, 2008 in relation to the same quarter of 2007.  The value added at basic prices had an increase of 6.3% and the excise taxes an increase of 10.1%.  Among the sectors which contributed for the generation of value added, industry had the best performance, with a positive rate of 7.1%, followed by agriculture, with hike of 6.4%, and by services with a hike of 5.9% in the comparison with the same quarter of 2007.

The rate of Agriculture is a consequence of the performance of some products which had a relevant harvest in the quarter, according to the Systematic Survey of Agricultural Production (LSPA-IBGE) of October.  This is the case, for example, of wheat, coffee and sugar cane, with estimates of growth of production in the year of 2007 of 41.3%, 28.3% and 17.4%, respectively.  On the other hand, cassava had an estimate of reduction in the production of 1.0%.

In Industry, the highlight was construction with a growing rate of 11.7%.  Mineral extraction increased by 7.8%, mainly due to the increase of 6.2% in the production of petroleum and gas and of 10.6% in the production of iron ore.  It is also worth mentioning the manufacturing industry; and electricity and gas, water, sewage and urban sanitation with growing rates of respectively, 5.9% and 5.7%.

Services presented growth of 5.9% in the comparison with the same period of the previous year.  The major highlights were information services (10.0%); trade (wholesale and retail) with a positive rate of 9.8% and financial mediation and insurances (8.8%); followed by other services (5.8%) and transportation, storage and mailing services (5.7%).  The other sub-sectors had the following performances:  real estate services and rents (2.9%) and administration, health and public education (2.5%). 

Gross fixed capital formation increased by 19.7% and was a highlight of the demand in the quarter

 Among the components of domestic demand, the major highlight was the growth of 19.7% of gross fixed capital formation, as a consequence, mainly, of the increase of the domestic production and of the imports of machines and equipment.  Household consumption reached the positive rate of 7.3%, the 20th consecutive growth in this comparison.  One of the factors which contributed for this result was the hike of 10.6% of the volume of real wages² .   The public administration consumption presented growth of 6.4% in the third quarter of 2008 in the comparison with the same period of 2007.

Regarding the foreign sector, the exports of goods and services continued growing, despite the deceleration, recording a rate of 2.0% in the period.  The imports of goods and services also brought once more hike in this comparison, of 22.8%, the twentieth consecutive growth.  It is worth mentioning that, since the first quarter of 2006, the growth of imports of goods and services is higher than the one of exports in this base of comparison.

GDP accumulated growth of 6.4% during the year in comparison with the same period of the previous year

The GDP at market prices from January to September 2008 presented growth of 6.4%, in relation to the same period of 2007.  In the same base of comparison, the sectors of agriculture, industry and services increased by 6.7%, 6.5% and 5.5%, respectively.

Among the four sub-sectors of the Industrial sectors all of them recorded positive rates in the comparison of the index accumulated in 2008, and the highlight was the growth of construction (10.2%).  Manufacturing industry and mineral extraction recorded growth of 6.1% and 5.6%, respectively, while electricity and gas, water, sewage and urban sanitation registered hike of 4.9%.

In the sector of Services, the major hikes were recorded by financial mediation and insurance (10.7%), by information services (8.8%) and by trade (8.6).  The other sectors also had growth: transportation, storage and mail services (5.0%); other services (4.7%), real estate activities and rents (3.3%) and public administration, health and education (2.0%). 

In the analysis of the domestic demand, considering the comparison of the index accumulated from January to September compared to the same period of 2007, stood out the growth of 17.3% of gross fixed capital formation, followed by household consumption with rate of 6.5% and public administration consumption, with 5.7%. On the other hand, analyzing the foreign sector, the imports of goods and services continued growing at a rate higher than the one recorded by exports of goods and services, 22.6% compared to 1.6%, respectively.

GDP accumulated growth of 6.3% in the last four quarters in relation to the immediately previous four quarters

The GDP at market prices accumulated in the four quarters closed in the third quarter of 2008 increased by 6.3% in relation to the immediately previous four quarters.  This rate was a result of the hike of 5.8% of the value added at basic prices and of the increase of 9.2% in the excise taxes.  The result of the value added in this type of comparison was a consequence of the positive performance of the three sectors which compose it: agriculture (7.2%), industry (5.8%) and services (5.7%).

Among the sub-sectors of Industry, the highest rate was recorded by construction (9.2%).  Manufacturing industry and electricity and gas, water, sewage and urban sanitation presented the same growth: 5.3%. Mineral extraction recorded a hike of 4.3%.

The major rates in Services were recorded by the sub-sectors financial mediation and insurances, trade, and information services (13.4%, 8.7% and 8.7%, respectively).  The other sub-sectors recorded the following growths: transportation, storage and mail services (5.2%); other services (3.6%); real estate services and rents (3.3 %) and public administration, health and education (2.5%).

 In the analysis of the demand, household consumption increased by 6.7%.  The gross fixed capital formation increased by 17.0%, the 18th consecutive growth.  One of the factors which led to this increment was the performance of construction, which is recovering since the third quarter of 2004, in this base of comparison and the growth of imports of machines and equipment.  The public administration consumption recorded 5.1%.

Regarding the foreign sector, the exports of goods and services recorded growth of 2.8% and the imports of goods and services had hike of 22.8%.

Current Values and Quarterly Economic Accounts
The gross domestic product at market prices, in the third quarter of 2008, reached R$ 747.3 billion, where R$ 631.5 billion were referent to value added at basic prices and R$ 115.8 billion to excise taxes.  Considering the value added of the sectors in the third quarter of 2008, agriculture recorded R$ 37.3 billion, industry R$ 189.3 billion and services R$ 405.0 billion.

 In the result of the quarter, net borrowing reached R$ 11.4 billion compared to net lending of R$ 0.4 billion in 2007, a reduction which occurred, mainly, by the diminishment of R$ 6.8 billion in the foreign balance of goods and services and increase of R$ 4.7 billion in the net property income sent abroad.

 The gross national income reached R$ 730.0 billion in the third quarter of 2008 compared to R$ 642.7 billion in the same period of 2007.  In this same base of comparison, gross savings reached R$ 141.5 billion compared to R$ 124.6 billion in the same period of the previous year.  In the index accumulated in the year, the gross national income reached R$ 2,088.6 billion and the gross savings R$ 381.8 billion.

* The complete tables may be found in the site do IBGE (www.ibge.gov.br)

NOTES

¹ GDP – Gross domestic product - Goods and services produced in the country less the expenses with inputs used in the production process during the year.  It is the total gross value added generated by all the economic activities.

²  According to the Monthly Employment Survey (PME/IBGE).