The fourth quarter of 2021 is marked by the continued pace of economic activity, reflected in GDP growth of 3.8% compared to the same quarter of 2020, after 4.0% in the previous quarter. On the supply side, this development is the result of a good performance in the three business sectors, which each recorded positive growth, despite a slowdown in the secondary sector. Indeed, with an increase of 1.5% compared to the same period in 2020, this sector contributes little to GDP growth for the quarter (0.3 points), while the primary (6.1%) and tertiary (4.0%) sectors make 1.0 points and 2.1 points respectively contribute to GDP growth.
The modest increase in the secondary sector was the result of the contraction in activity in mining and quarrying and other manufacturing industries, weighed down by the textile and clothing industry and the chemical industries. This situation is somewhat offset by the good performance of activities in electricity and in buildings and public works. The tertiary sector remains the engine of growth during this quarter. Indeed, all branches of the sector contributed to this good performance by posting positive contributions to growth, particularly financial services and trade and repair with a contribution of 0.4 points each.
On the demand side, the momentum of economic activity is mainly driven by final consumption with a contribution to growth of 5.3 points. However, this performance was weakened by the significant increase in imports, which contributed negatively to growth by 4.1 points, despite the improvement in exports (1.7 points). Thus, the moderate evolution of the volume of exports coupled with a larger increase in imports contributed to a further deterioration of the trade balance deficit during the quarter.
Ultimately, the annual economic growth resulting from the sum of the four quarters of the year is estimated at 3.6% in 2021 compared to 0.5% in 2020.
