12/10/2008 11h02
Before the crisis, domestic demand grows 9.4%
Valor Econômico - 12/10/2008
Before the international financial crisis, the Brazilian economy grew 6.8% in the third quarter this year in relation to the same period of 2007. This strong growth exceeded the expectation and was pulled by the investment of companies and by the consumption of families. In the same comparison, investment increased 19.7% and the demand of the families was 7.3% higher - the 20th consecutive high. Together, these two components of consumption were responsible for making the domestic demand's registering expansion of 9.4% in the third quarter in relation to the same period of last year. The third quarter's figures were not affected by the crisis, which began after the break of American Lehman Brothers Bank, on November, 15
th. According to data published by the Brazilian Institute of Geography and Statistics (IBGE) yesterday, in the series with seasonal adjustment, which compares the third quarter with the second one, the growth was equally strong and the GDP's increase reached 1.8%, with a high of 2.8% in families' consumption and 6.7% in investment (measured by the Gross Formation of Fixed Capital, which registers expenses in machine, equipment, and civil construction). From January to September, the Gross Domestic Product (GDP) raised 6.4%, the highest rate of growth since the beginning of the current series of the IBGE, in 1996. In 12 months, the GDP also set a new record in the analyzed period and showed high of 6.3%. Families' demand in the third quarter was guaranteed by credit and by the salary mass, which was 10.6% higher than the same period of 2007, due to the increase of employment and income. On its turn, the natural person's credit grew, but in a lower rhythm: it went from 32% to 29.6% between the second and the third quarters (in relation to the same periods of 2007). On the offer's side, industry stood out in the GDP in the third quarter, with high of 2.6% in relation to the second (seasonal adjustment) and of 7.1% in relation to the third quarter of 2007. In the industry, civil construction grew expressive 11.7 in comparison with the same quarter of 2007.
