- Wednesday October 14th, 2020
- Posted by: Flore Behalal
In 2019, the national economy evolved in a gloomy international environment, characterised by the slowdown in global growth, uncertainties on trade and the fall in the prices of exported products, especially crude oil. At the national level, the persistence of insecurity in certain localities in the Far North due to the Boko Haram terrorist sect, the socio-political crisis in the North-West and South-West regions and the fire at SONARA at the end of May 2019 have also had a negative impact on economic activities. The real GDP growth rate slowed to 3.7% in 2019 after 4.1% in 2018,
On the supply side, growth shrank in 2019 as a result of the decline in the pace of activity in the primary and tertiary sectors. The key development, however, was a strong recovery in the secondary sector, which contributed the most to growth since 2016. By branch of activity, trade, oil and gas extraction, subsistence agriculture, manufacturing industries (wood and cotton/textile processing) and construction drove growth in 2019. In contrast, forestry and logging, beverage industries and the manufacture of basic metallurgical products negatively impacted economic growth.
On the demand side, household final consumption, which contributed 3.0 points to growth, followed by the private component of investment (1.7 point), drove growth in 2019. The external balance of goods and services deteriorated further and its contribution to GDP was -1.9 point in 2019 after -1.6 point in 2018.
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