The GDP at market prices grew by 5.8% in the first quarter of 2008, in relation to the same period in 2007. Value Added at basic prices increased by 5.5% and Excise tax, by 8.0%. Among the sectors which contributed to the generation of value added, industry had the best performance, with positive rate of 6.9%; it was followed by Services, with increase of 5.0% and Agriculture, with positive change of 2.4% comparison to the same quarter in 2007.
Among the components of internal demand, Household consumption expenditure reached the positive rate of 6.6%, the eighteenth consecutive increase in the quarterly rate in relation to the same quarter in the previous year, favored by the rise of salary mass of workers and by the increase, in nominal terms, of the balance of operations of credit of the financial system with free resources for physical persons. Government Consumption Expenditure increased by 5.8% in the first quarter of 2008 versus the same period in 2007. Gross formation of fixed capital increased by 15.2%, probably as a consequence of the increase of production and of the imports of machinery and equipment. Also in this quarter, the accelerated increase of Construction was the highlight, contributing to the positive performance of Gross Formation of Fixed Capital.
Considering external demand, Exports of Goods and Services, which had had positive rates since the third quarter of 2006, had increase of 2.1% in relation to the same quarter in the previous year. Imports of Goods and Services also presented increase in this comparison, of about 18.9%, the eighteenth consecutive increase since the fourth quarter of 2003.