In the third quarter of 2009, GDP at market prices grew by 1.3% in relation to the second quarter of this year, in the seasonally adjusted series. The highlight was industry, with a 2.9% growth, followed by Services (1.6%). On the other hand, Agriculture suffered reduction (-2.5%).

Regarding the components of internal demand, Gross Formation of Fixed Capital stands out: 6.5% in the third quarter of 2009 in relation to the second quarter. Household Consumption Expenditure grew by 2.0%, followed by General Government Consumption Expenditure, with a 0.5% rise. In the foreign sector, Exports of Good and Services presented a variation of 0.5%, and Imports of Good and Services grew by 1.8%, both presenting the second increase based on this comparison.

GDP decreases (-1.2%) in relation to the third quarter of 2008

In the third quarter of 2009, GDP at market prices presented reduction (-1.2%) in relation to the same period of 2008. Value Added at basic prices (-1.1%) and Excise Tax (-2.0%) experienced decrease. The most significant volume reduction of Excise Tax in relation to the decreased value added is greatly due to the fall of Imports of Goods and Services.

In relation to the third quarter of 2008, Services had the best performance (2.1%). Agriculture presented reduction (-9.0%), as well as Industry (-6.9%).

The fall in Agriculture, besides the performance of livestock and silviculture, may be explained by the performance of some products whose harvest is relevant in the quarter. Except for sugarcane, with estimated annual growth of 6.9%, the 2009 estimates for wheat in grain (-15.1%), coffee in grain (-13.8%), cassava (-0.3%) and orange (-0.1%) presented falls in relation to the previous year.

In industry, the major decrease took place in Civil Construction (-8.4%), followed by Manufacturing Industry (-7.9%), Electricity and gas, water, sewage and urban cleaning (-3.3%) and Mining and Quarrying Industry (-2.0%). This last reduction may be partially explained by the decline (-22.1%) of iron ore production, as there was a 4.8% decrease in the production of petroleum and gas.

The sector of Services grew by 2.1% in relation to the same period of the previous year. The highlights were Financial Mediation and Insurance (6.1%); Other Services (4.9%); Information Services (4.5%); Administration, Health and Public Education (3.2%) and Real Estate Services and Rents (1.4%). On the other hand, there were decreases in Transportation, Storage and Mailing Services (-2.9%) and Trade (-2.8%).

Household Consumption Expenditure (3.9%) showed the 24^th consecutive rise in this comparison. One of the contributing factors for this result was the 2.5% increase of real salary volume, with the expansion of employment and average real income of work¹. Moreover, despite the small deceleration on the quarterly growth rate in relation to the second quarter, there was growth, in nominal terms, of 17.9% in the balance of credit operations of the financial system with free resources for natural persons².

General Government Consumption Expenditure grew by 1.6% in the third quarter of 2009, in relation to the same period of 2008. Gross Formation of Fixed Capital showed a decrease (-12.5%), mainly because of the reduced internal production and the import of machinery and equipment.

Exports of Goods and Services are still falling (-10.1%) in the period, as well as Imports of Goods and Services (-15.8%). The imports that mostly contributed to this decrease were: machinery and equipment, tractors, metallurgy, ironworks, electric material, other products of refining, pieces and accessories for vehicles and diverse chemical products.

GDP accumulated in the year had a decrease (-1.7%) in relation to the same period of 2008

The GDP accumulated from January to September 2009 had a decrease (-1.7%) in relation to the same period of 2008. Industry (-8.6%) and Agriculture (-5.3%) decreased, and Services grew by 1.9%.

The four activities of Industry fell in relation to the accumulated in the first three months of 2008, and the greatest reduction was in Manufacturing Industry (-10.7%), followed by Civil Construction (-9.1%), Electricity and gas, water, sewage and urban cleaning (-3.7%) and Mining and Quarrying Industry (-2.1%).

In Services, major rises occurred in Information Services (5.9%), Financial Mediation and Insurance (5.8%), Other Services (5.6%), Administration, Health and Public Education (3.2%) and Real Estate Activities and Rent (1.4%). There were falls in Transportation, Storage and Mailing Services (-4.8%) and Trade (-4.2%).

In the analysis of internal demand, comparing the accumulated from January to September with the same period of 2008, the highlight is the 3.3% growth in General Government Consumption Expenditure, followed by Household Consumption (2.8%). Gross Formation of Fixed Capital suffered reduction (-14.2%).

Imports of Goods and Services (-16.0%) remain decreasing more than Exports of Goods and Services (-12.1%).

GDP accumulated in the last four months shows decrease (-1.0%) in relation to 2008

The GDP at market prices accumulated in four months presented reduction (-1.0%) in relation to the immediately previous four quarters. This rate resulted from negative variations in Value Added at basic prices (-0.9%) and Excise Tax (-1.9%). In this comparison, there were falls in the value added of Industry (-7.1%) and Agriculture (-4.0%), but rise in Services (1.9%).

In Industry, the main decrease was from Manufacturing Industry (-9.5%), followed by Civil Construction (-6.3%), Electricity and gas, water, sewage and urban cleaning (-1.9%) and Mining and Quarrying Industry (-1.4%).

In Services, there were rises in Information Services (6.7%), Financial Mediation and Insurance (5.9%) and Other Services (5.0%). There were falls in Transportation, Storage and Mailing Services (-4.2%) and Trade (-3.5%).

Graph II.11 shows that after GDP increased by 5.7% in 2004, it decreased to 3.2% in the fourth quarter of 2005, accelerating to 6.6% in the third quarter of 2008, and decelerating to -1.0% in the third quarter of 2009.

Household Consumption Expenditure grew by 3.1%, and General Government Consumption Expenditure reached 2.5%. Gross Formation of Fixed Capital presented the second consecutive fall (-10.2%) owing to decreases in Civil Construction and in production and import of machinery and equipment. There were decreases in Exports of Goods and Services (-10.9%) and in Imports of Goods and Services (-10.5%).

GDP reaches R$ 797.0 billion in the third quarter of 2009

The Gross Domestic Product at market prices for the third quarter of 2009 reached R$ 797.0 billion, being R$ 687.1 billion related to Value Added at basic prices and R$ 109.9 billion to Excise Tax.

Value Added in the third quarter of 2009 were: Agriculture (R$ 40.1 billion), Industry (R$ 181.9 billion) and Services (R$ 465.2 billion). Household consumption amounted to R$ 507.3 billion; General Government Consumption, R$ 153.3 billion; and Gross Formation of Fixed Capital, R$ 140.9 billion. The Balance of Goods and Services (-R$ 37.3 million) and the Stocks Variation (-R$ 4.4 billion) were negative.

In the third quarter of 2009, in the seasonally adjusted series, the highlight was Industry (2.9%), followed by Services (1.6%). Agriculture suffered a decrease (-2.5%).

In relation to the third quarter of 2008, GDP presented a fall (-1.2%). In this comparison, Services had the best performance (2.1%), whereas Agriculture (-9.0%) and Industry (-6.9%) faced reduction.

 The GDP accumulated in the four quarters decreased (-1.0%) in relation to the immediately previous four quarters, with falls in Industry (-7.1%) and Agriculture (-4.0%), and a rise in Services (1.9%).

The investment rate in the third quarter of 2009 was 17.7% of GDP, inferior to that of the same period of 2008 (20.1%). GDP reached R$ 797.0 billion, and the Value Added of activity sectors were: Agriculture (R$ 40.1 billion), Industry (R$ 181.9 billion) and Services (R$ 465.2 billion).

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

²According to the press release entitled “Política Monetária e Operações de Crédito do Sistema Financeiro/Financial Policies and Credit Operations of the Financial System”.

The investment rate of the third quarter of 2009 was 17.7% of GDP, inferior to that of the same period of 2008 (20.1%), mainly because of the decrease, in volume, of Gross Formation of Fixed Capital in the quarter (-12.5%).