National Accounts for the 1st quarter of 2024

The first quarter of 2024 was marked by a sustained pace of economic activity, reflected in GDP growth of 3.2% compared to the same quarter of 2023.
On the supply side, this overall performance is the result of the good momentum of the primary and tertiary sectors, while the secondary sector is slowing down (0.3 points of contribution to GDP growth), The primary sector contributes 0.6 points; while the tertiary sector remains the engine of economic growth with a contribution of 2.2 points. The dynamics of the primary sector are the result of the performance of all the sectors that make it up. The activities of subsistence agriculture (3.7% after 1.6%) and industrial export agriculture (4.4% after 6.5%) contributed 0.1 percentage point and 0.2 percentage point to growth, respectively. The activities of the forestry and forestry branch lost momentum (3.3% after 11.8%) while the livestock, fishing and hunting branch recorded an acceleration in its growth with a contribution of 0.1 point to growth.In the secondary sector, the weak momentum observed is due to the 4.6% decline in hydrocarbon extraction activities, for a negative contribution of 0.3 points to growth. Activities in all other branches of secondary education, although mostly slow, performed well, posting positive growth, particularly construction and public works which, despite the slowdown, made a positive contribution of 0.2 points to GDP growth.