In the fourth quarter of 2024, the real Gross Domestic Product (GDP), seasonally adjusted (SA), grew by 1.6% compared to the previous quarter, On the supply side, this performance is the result of an increase in value added in the primary (1.3%) and tertiary (3.6%) sectors despite the decline observed in the secondary sector (-0.7%).
The performance of the primary sector was driven by all its branches, although the increase was higher in forestry and quite moderate in the other branches. In the secondary sector, growth momentum was dampened by the underperformance of the hydrocarbon extractive industries and, to a lesser extent, the manufacturing industries.
The tertiary sector remained the engine of economic growth in the quarter; This performance is the result of the good momentum of all its business lines. Compared to the same period in 2023, real GDP grew by 3.1% in the fourth quarter of 2024. This result is explained by the consolidation of activities in the primary and tertiary sectors, which grew by 3.0% and 4.4% respectively between these two periods. The primary sector is driven by agriculture and the tertiary sector is supported by several branches, in particular financial services, information and communication services and trade.
Weighed down by the persistent recession in hydrocarbon extraction, the secondary sector remained down by 0.2% between the two periods.
On the demand side, economic growth in the quarter, compared to the previous quarter, was supported by final consumption (2.0%), gross fixed capital formation, particularly its public component, and exports. Over the same period, there was a significant drop in overall imports in volume.
Year-on-year, GDP growth is mainly driven by domestic demand, including final consumption, and investment in connection with the strong growth of its public component, Foreign trade in volume is marked by an increase in both exports and imports; the increase in exports is not sufficient to redress the trade balance, which remains in deficit and stands at 3% of quarterly GDP. Pending the consolidation of the data, economic growth for the year 2024, based on the four quarterly accounts, is provisionally 3.5% compared to 2023.