In the third quarter of 2024, real Gross Domestic Product (GDP) continued its positive momentum reflected in growth of 3.0%, slightly above the level of the same quarter of 2023, On the supply side, this performance is the result of the combined effects of all sectors of activity, although in different proportions. The primary sector recorded a slowdown in the pace of growth (1.0% after 2.4%) while the secondary sector experienced moderate growth (1.5%) with a contribution of 0.3 points to growth in the quarter. The tertiary sector consolidated its position as the engine of economic growth with an increase of 4.2% for a contribution of 2.1 points to quarterly GDP growth. The modest performance of the primary sector can be explained by the contraction of activity in the forestry and forestry branch (-3.7%) coupled with the slowdown in the pace of activities in all other branches, including industrial export agriculture (3.4% after 3.7%), subsistence agriculture (2.7% after 3.1%) and livestock, fishing and hunting (3.4% after 3.8%). In the secondary sector, the timid dynamics observed are mainly the result of the persistent recession in hydrocarbon extraction activities, following the significant decline in crude oil production by 11.9% despite the increase in gas production by 13.6%. However, activities in all other branches of secondary education showed positive growth, The tertiary sector remains the engine of economic growth, driven by the solid performance of non-market services in public administration (0.5 points), trade and repair activities (0.4 points), accommodation and catering services and other market services with 0.3 points of contribution each.
