National Accounts 2021

In 2021, the national economy recorded a revival of activity; real GDP growth stands at 3.6%, after 0.3% in 2020. This recovery is linked to the gradual reopening of the world’s economies, after a difficult year in 2020, and the resumption of economic activity in the sectors that have been hardest hit by the crisis, in particular services and processing activities.
On the supply side, the renewed growth can be seen in all three sectors of activity; It is much more driven by the rebound in activity in certain branches of the tertiary and secondary sectors. In the primary sector, growth is mainly driven by industrial and export agriculture, and forestry and logging. As for the secondary sector, the renewed growth is mainly driven by the beverages, cereal-based products, fats, and 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 constrained by lower crude oil and natural gas extraction activities. In the tertiary sector, these include transport and warehousing services, accommodation and restaurants, financial activities and insurance.On the demand side, the evolution of real GDP is marked by a rebound in final consumption expenditure, and a strong increase in investment spending, both public and private. The balance of foreign trade in goods and services deteriorated, due to a greater increase in imports than in exports.
Looking ahead to 2022, despite some uncertainties due to inflationary pressures and a tightening of global financial conditions, the national economy is expected to consolidate the gradual post-Covid recovery that began in 2021.