National Economic Growth Rises in Q3 2024
The High Commission for Planning reported that national accounts for Q3 2024 showed an improvement in national economic growth, reaching 4.3% compared to 3% during the same period in 2023.
In its economic report, the commission highlighted that domestic demand drove economic growth in a context characterized by controlled inflation and increased financing needs for the national economy.
Non-agricultural activities rose by 5.1% in volume, while agricultural activity declined by 5.2%. The secondary sector’s added value, adjusted for seasonal variations, increased by 7.6%, compared to 1.1% in the previous year, due to:
- A 15.9% rise in extractive industries (versus a 3.3% decline).
- A 7.5% growth in manufacturing industries (versus 1.8%).
- A 6.9% increase in construction and public works (versus 0.9%).
- A 3.4% rise in energy and waste management sectors (versus 1.5%).
The tertiary sector grew moderately from 3.6% to 3.8%, with notable increases in transport and storage (+4%) and public administration services (+3.7%).
GDP volume rose by 4.3%, while nominal GDP grew by 6%. This was accompanied by a modest increase in the general price level by 1.7%, significantly lower than the 7.2% recorded a year ago.
