The third quarter of 2020 was marked by a recovery in economic activity, with GDP growth of 1.0% compared to the corresponding quarter in 2019. On the supply side, the change observed is the result of the recovery in activity in the tertiary sector, which returned to growth (0.7%), after the decline observed in the second quarter. This sector recorded a contribution of 0.4 points to growth compared to -2.7 points last quarter. Also, the primary (0.6%) and secondary (1.3%) sectors, although losing momentum, contribute positively to growth of 0.1 point and 0.3 point respectively. The increase recorded in the primary sector is the result of the good performance of activities in subsistence agriculture (3.1%), as well as in the livestock, hunting and fishing branch (3.9%). On the other hand, the slowdown observed in this sector is the consequence of the poor performance of activity in the industrial and export agriculture (-4.3%) and forestry (-3.2%) branches.
The secondary sector posted a performance supported by the good performance of activities in the agri-food industries (5.4%) and buildings and public works (8.9%) with the continuation of infrastructure works as a prelude to the organization of the CHAN 2020 and the CAN 2021.
The tertiary sector recovered slightly from the fall observed in the second quarter, thanks in particular to the trade, transport and telecommunications branches. However, the poor performance of certain sectors such as hotels and restaurants, which contributed negatively to growth of 0.3 points in the third quarter, does not yet allow the sector to expect a sustained level of growth.
On the demand side, the recovery in activity during this quarter follows strong demand for investment and a moderate performance of final consumption. Indeed, investment, driven by its two private and public components, contributed 5.5 points to GDP growth during this quarter. Final consumption, which is more often a growth driver, grew by only 1.1% during the quarter, well below its usual performance. Its public component contributed negatively by 0.1 point to growth; In contrast, its private component (0.9 points) contributed only slightly to the overall performance. The continued decline in exports in volume terms (-7.6%), which contributed negatively by 1.5 points to GDP growth, coupled with the significant increase in imports (+14.2%), accentuated the deterioration of the trade balance deficit during this quarter.
