The first quarter of 2019 shows an improvement in economic activity, reflected in a 4.2% growth in GDP compared to the corresponding quarter in 2018.
On the supply side, this performance is the result of the dynamism of activities in the three sectors: the tertiary sector is in the lead with a contribution of 1.8 points to growth, followed by the secondary sector with 1.5 points, and the primary sector with 0.4 points.
The primary sector is maintaining its dynamism, especially in subsistence agriculture, where the prices of food products are falling, reflecting the improvement in local supply.
The secondary sector continues its evolution since the beginning of 2018. This increase was accentuated this quarter with the good performance of the extractive industries, particularly hydrocarbon extraction, which recorded a contribution of 0.7 points, supported by the increasing production of natural gas. The other manufacturing industries, with a contribution of 0.2 points, also supported the growth of the secondary sector, with a good recovery in the crude oil refinery activity by SONARA in the first quarter of 2019, but which could unfortunately fade in the second quarter following the fire at the end of May 2019.
The tertiary sector remains the engine of growth, driven by the performance of trade activities and financial services.
On the demand side, the consolidation of GDP growth is mainly supported by final consumption and the private component of investment, with contributions of 2.3 points and 2.2 points to growth, respectively. In addition, the contraction in the volume of exports coupled with the increase in the volume of imports has further deteriorated the trade balance, which remains in deficit.
