In 2023, the national economy slowed to 3.2%, after the recovery to 3.7% recorded in 2022, in a gloomy international environment, marked by continued geopolitical tensions and lower commodity prices.
On the supply side, the primary sector recorded a slowdown in the pace of growth to 1.1% after 2.2% in 2022, attributable to the underperformance of industrial and export agriculture, affected by the decline in the production of certain cash speculations, particularly cocoa and rubber. The secondary sector recorded a further slowdown to 2.3% after 3.3% in 2022, in connection with the decline in hydrocarbon extraction industries and the slowdown in other manufacturing industries. The tertiary sector, with growth of 3.9% after 3.9% in 2022, continues its momentum and continues to support GDP growth, through the good performance of trade, accommodation and catering, information and telecommunications and banks and financial institutions.
On the demand side, the dynamics of economic activity are driven by household final consumption and private investment. The 3.5% growth in final consumption was driven by its private component. Similarly, the growth of investment was driven by its private component, which grew by 9.7% while its public component fell sharply. Exports in volume of goods and services fell slightly by 0.1% and imports in volume slowed down again to 1.9%. Thus, the balance of foreign trade in goods and services contributed negatively by 0.4 points to GDP growth; even if it is an improvement compared to 2022.
