The second quarter of 2022 was marked by an increase in economic activity, reflected in a
growth in Gross Domestic Product (GDP) of 4.0% compared to the corresponding quarter in 2021.
On the supply side, this development is mainly the result of the good performance of the primary and tertiary sectors, which posted positive and sustained changes in their economic activities. Indeed, with growth rates of 5.7% and 5.5% respectively, the primary and tertiary sectors contribute 1.1 points and 2.7 points respectively to GDP growth. As for the secondary sector, despite the increase, it contributed slightly by 0.2 points with a growth rate of 0.6%.
On the demand side, quarterly GDP growth was mainly driven by final consumption, which increased by 2.9%. Indeed, despite the uncertainty of the economic situation marked by persistent quarterly inflation of 5.8% after 4.4% in the previous quarter, final consumption, driven by its private component, contributed positively by 2.5 points to GDP growth. On the other hand, demand for capital goods, which increased overall by 1.3% for a contribution of 0.1 point, is the result of the virtual stagnation of private investment, which grew slightly by 0.5%. The dynamics of foreign trade show a moderate decline in overall exports by 1.0% and a sharp contraction in the volume of imports by 10.2%; the trade balance nevertheless remains in deficit at 2.9% of quarterly GDP.