In 2021, the national economy experienced renewed activity; real GDP growth stood at 3.6%, after 0.3% in 2020. This was as a result of the gradual reopening of world’s economies, after a difficult year in 2020, and recovery of economic activity in the branches that were heavily hit by the crisis, particularly services and processing activities.
On the supply side, renewed growth was recorded in all three sectors of activity, but was mainly driven by rebound in activity in some branches of the tertiary and secondary sectors. In the primary sector, growth was mainly driven by industrial and export agriculture, as well as sylviculture and logging. As for the secondary sector, renewed growth was mainly driven by the beverage, cereal products, fats, cocoa, coffee, tea and sugar industries, as well as the wood processing, textile and clothing and non–metallic mineral products industries. In contrast, activity in this sector was limited by the decline in crude oil and natural gas extraction activities. In the tertiary sector, these included transport and storage, accommodation and restaurant services, as well as financial activities and insurance.
On the demand side, real GDP growth was marked by a rebound in final consumption expenditure, and a strong increase in public and private investment expenditure. The balance of foreign trade in goods and services deteriorated, as a result of the increase in imports that is more significant than the increase in exports. Regarding outlook for 2022, despite some uncertainties due to inflationary pressures, and a tightening of global financial conditions, the domestic economy is expected to consolidate the gradual post–Covid recovery that began in 2021.
