In relation to Q3, 2008, GDP decreased by 3.6%, the major decrease of the series which began in 1996.  The GDP per capita increased by 4.0% in relation to 2007 and reached R$ 15.240,00.  The investment rate of 2008 was 19.0% and was the highest of the series which began in 2000.

In relation to Q3, 2008, GDP fell by 3.6%

The GDP at market prices, in volume, had its most significant decrease since the beginning of the series, in 1996: - 3.6% in the comparison of Q4 with Q3, 2008, in the series with seasonal adjustment.  Among the sectors, Industry recorded the most significant decrease (-7.4%), followed by Agriculture (-0.5%) and Services (-0.4%).  For Industry, this was the most pronounced decrease since Q4, 1996 (-7.9%). 

Among the components of domestic demand, the Gross Fixed Capital Formation had the most significant decrease (-9.8%, the most significant decrease of the series), followed by Household Consumption (-2.0%), being that this rate was not negative since Q2, 2003 (-1.2%).  Public Administration Consumption increased by 0.5%.  Regarding the foreign sector, the Exports of Goods and Services fell by 2.9% and the Imports decreased by 8.2%.  This was the first time that there was decrease in this rate since Q3, 2005 (-0.5%).

GDP increased by 1.3% in relation to Q4, 2007

In Q4, 2008, GDP at market prices increased by 1.3% compared to the same period of 2007.   The Value Added at basic prices increased by 1.0% and the Excise Taxes increased by 2.6%.

Among the sectors that contributed for the generation of the Value Added stood out Services with a rate of 2.5%, followed by Agriculture (2.2%) and Industry with a decrease of 2.1% compared to Q4, 2007.

Among the components of domestic demand, the major highlight was the growth of 5.5% of Public Administration Consumption. The Gross Fixed Capital Formation increased by 3.8% as a consequence of the increase of imports of machines and equipment, despite the deceleration in its growing rate.

In 2008, GDP accumulated growth of 5.1%

In 2008, the GDP at market prices increased by 5.1% in relation to 2007.  In 2008, the resident population of the country reached approximately, 189.6 million inhabitants ¹ .  The GDP per capita (R$ 15,240) is defined as the division of the current value of GDP by the resident population in the middle of the year.  In 2008, the growth of volume of GDP per capita reached 4.0%, as we may observe in the graph II.1.

Agriculture was the activity with the highest growth in 2008

The result of Value Added accumulated in the four quarters of 2008 was a consequence of the performance of the three sectors which compose it: Agriculture (5.8%), Services (4.8%) and Industry (4.3%).  The growing rate of Agriculture in 2008 was 5.8% and the highlight was livestock.  The positive highlights in the agriculture production of the year were: wheat (47.5%), coffee in grain (25.0%), sugarcane (19.2%), corn in grain (13.3%), rice (9.7%), beans (5.0%) and soybeans (3.4%).  The most significant negative results were recorded by tobacco (-6.9%), herbaceous cotton (-2.4) and cassava (-1.3%).

Among the subsectors of Industry, the highest hike was recorded by Construction (8.0%).  Following was the subsector of Electricity and gas, water, sewage system and urban sanitation (4.5%). Mining and quarrying increased by 4.3%, due, mainly to the annual growth of 5.2% in the production of petroleum and gas and of 1.9% in the production of iron ore, while the manufacturing industry increased by 3.2%.

The highest hikes in Services were recorded by the subsectors of Financial Mediation and Insurance (9.1%), Information Services (8.9%) and Trade (6.1%).  The subsectors Other Services (4.5%); Transportation, Storage and Mail (3.2%), Real Estate and Renting Services (3.0%), and Public Education, Health and Administration also increased (2.3%).

Regarding the analysis of demand, Household Consumption increased by 5.4%, in its fifth consecutive year of hike and Public Administration Consumption increased by 5.6%.  The Gross Fixed Capital Formation increased by 13.8% when compared to the year 2007, the highest rate of annual growth since the beginning of the series in 1996.  The current value and the variations in volume of the Gross Fixed Capital Formation and its components are in table II.1.

Regarding the foreign sector, the Exports of Goods and Services decreased by 0.6% while the Imports of Goods and Services increased by 18.5%.  It is worth mentioning that since 2006 the growth of exports is lower than the one of imports.

In 2008, GDP reached R$ 2.9 trillion

In 2008, the Gross Domestic Product in current values reached R$ 2.9 trillion, with R$ 2.4 trillion referent to the Value Added at basic prices and R$ 0.5 trillion referent to Excise Taxes.

Considering the Value Added of the economic activities, Agriculture recorded R$ 163.5 billion, Industry R$ 682.5 billion and Services R$ 1,595.0 billion.  Among the components of demand, Household Consumption reached R$ 1,753.4 billion, Public Administration Consumption R$ 584.4 billion and Gross Fixed Capital Formation R$ 548.8 billion.  The Balance of Goods and Services was positive with a result of R$ 4.8 billion and the Variation of Inventories recorded a negative result (R$ 1.7 billion).  The current values of 2007 and 2008, according to the activities and the components of demand may be found in the following table. 

In 2008, the investment rate reached 19.0%, the highest result since 2000

The investment rate in 2008 was 19.0% of the GDP, the highest result since the beginning of the series which began in 2000.  In volume, the Gross Fixed Capital Formation increased approximately two times and a half more than the increase of the GDP (13.8% compared to 5.1%, respectively). 

The savings rate reached 16.9% of the GDP, lower than the rate recorded in the years of 2007, 2006, 2005 and 2004, once the Final Consumption Expenditure increased, in current values, 11.5%, while the rate of growth of the GDP was 11.2%. 

Participation of activities in the value added

In 2008, net borrowing of the national economy reached R$ 57.1 billion

In the year, net borrowing reached R$ 57.1 billion compared to R$ 5.5 billion in 2007, due, mainly, to the reduction of R$ 35.2 billion of the Foreign Balance of Goods and Services and the increase of R$ 17.1 billion in the Net Property Income Sent Abroad.

The Gross National Income reached R$ 2,817.9 billion in the year 2008 compared to R$ 2,542.8 billion in the respective period of 2007.  In this same base of comparison, the Gross Savings reached R$ 488.0 billion compared to R$ 453.7 billion in the same period of the previous year.

NOTE

1 - According to estimate of the Department of Population and Social Indicators (COPIS) of IBGE.