The Bceao notes an increase of 10.4% in 2022

The Bceao notes an increase of 10.4% in 2022
The Bceao notes an increase of 10.4% in 2022

The balance of services was characterized, in 2022, by the continued acceleration of the development of hydrocarbon projects, the increase in the cost of freight and the dynamism of the tourism sector.

According to the Bceao, in this context, the deficit in the balance of services increased by 10.4% to stand at 1,530.6 billion compared to 1,386.4 billion in 2021. It underlines that this development is attributable to the deterioration of “other services” items (-1,017.9 billion against -897.0 billion), in relation to the increase in imports of services necessary for the development of oil and gas projects, and the increase in freight (-712 .6 billion against -590.2 billion), in connection with the increase in merchandise imports.

The Bceao notes that net revenues from the “travel” item have seen a clear improvement to stand at 231.4 billion compared to 120.9 billion in 2021. The tourism sector having regained its full potential, the level recorded is higher than those achieved before the Covid-19 pandemic.

For transport services, the deficit increased from 610.3 billion in 2021 to 743.9 billion, a deterioration of 133.6 billion attributable to the increase in deficits in freight and passenger transport. These developments are mainly explained by the effects of the sustained increase in imports and the recovery in tourist activity.

In 2022, the “travel” item benefited from the total lifting of travel restrictions introduced during the Covid-19 crisis, thus leading to a consolidation of the resumption of activity in the sector. The surplus for the “travel” item has thus improved both for leisure tourism and for professional tourism.
During the period under review, the balance of the “other services” account was in deficit at -1,017.9 billion compared to -897.0 billion in 2021. The worsening of the deficit is mainly attributable to expenditure made for other business services (-758.8 billion against -705.4 billion) and construction services (-252.8 billion against -208.1 billion), linked to the development of oil and gas projects.

To this end, the expenses incurred led to an increase in the bill for other business services (+53.4 billion), construction services (+44.7 billion) and insurance and retirement services (+54 .2 billion), particularly in relation to imports of goods and services. The surplus in the telecommunications services account (60.0 billion against 24.0 billion) consolidated while that of goods and services of administrations and others (88.7 billion against 94.5 billion) fell slightly in link with the decline in services linked to intellectual property.

Adou Faye

#Senegal

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