The closing of the national accounts for the first quarter of 2022 shows a clear slowdown in the growth of the national economy to 0.3% instead of 2% during the same quarter of the previous year, said the High Commission for Planning (HCP).
This growth is the result of the increase in non-agricultural activities of 2.5% and the decline in those of the agricultural sector of 14.3%, explained the HCP in a briefing note on the national economic situation in the first quarter of 2022.
Driven by domestic demand, this growth was achieved in a context of high inflation and an increase in the financing needs of the national economy, noted the same source.
In detail, the value added of the primary sector in volume, adjusted for seasonal variations, has contracted by 13.9% in the first quarter of 2022. This decline resulted from the sharp decline in the value added of agriculture (14.3%) and fishing (7.3%).
For its part, the value added of the secondary sector, in volume terms, fell by 0.9%, under the combined effect of the fall in the value added of the extraction industry of 4.8%, manufacturing industries of 2.4% and the increase in those of "Electricity, gas, water, sewerage and waste" of 3.7% and building and public works of 1.8%.
In addition, the value added of the tertiary sector, showed an increase of 4.4%, marked by the rise in the activities of accommodation and catering (25.3%), transport and storage (5.7%), trade and repair vehicles (5%), services rendered by the general public administration and social security (4.8%) and services of education, health and social welfare (4%), as well as the slowdown of financial services and insurance (2.1%) and real estate services (1.9%).
At current prices, GDP grew by 4.3% instead of 3.7% a year earlier, resulting in an increase in the general price level of 4% instead of 1.7%.
