JavaScript is disabled! Why you want to do so? Please enable JavaScript in your web browser!
The national accounts for the first quarter of 2024, established by the HCP and published this Monday, July 1, 2024, highlights a slowdown in the growth of the national economy which stood at 2.5% instead of 3.9% during the same quarter of the previous year. Non-agricultural activities showed an increase of 3.2% and those of the agricultural sector a decrease of 5%.
The slowdown in non-agricultural activities is attracting attention. These performed well in 2023 with an increase of 3.7%; as well as 3.9% in the first quarter of 2023. So, to be continued over the coming quarters.
Driven by domestic demand, this growth was achieved in the context of controlled inflation and an improvement in the financing capacity of the national economy.
>Slowdown in economic growth
The added value of the primary sector in volume, adjusted for seasonal variations, contracted by 4.3% in the first quarter of 2024, after recording an increase of 1.7% in the same quarter of the previous year. This drop resulted from the sharp decline in the added value of agriculture of 5% instead of an increase of 2.1% and the increase in that of fishing by 10% instead of a drop of 4. 8%.
On its part, the added value of the secondary sector increased by 3.6% instead of a decrease of 0.4% in the same period last year. This was the result of the slowdown in the activities of the manufacturing industry to 2.1% instead of an increase of 3% and the increase in added values:
- of the extraction industry by 17.7% instead of a decrease of 12.1%;
- electricity, gas, water, sanitation and waste by 3% instead of a 3% decrease;
- construction and public works by 2.5% instead of a decrease of 3%.
Furthermore, the added value of the tertiary sector recorded a slowdown in its growth rate, falling from 6% in the same period of the previous year to 3% in the first quarter of 2024. It was marked by the slowdown in the activities of:
- Financial services and insurance at 3.9% instead of 7.3%;
- Research and development and services provided to businesses at 3.6% instead of 4.3%;
- Transportation and warehousing at 3.4% instead of 8.7%;
- Education, health and social services at 2.9% instead of 4.2%;
- Real estate services at 2.1% instead of 2.7%;
- Accommodation and catering at 1.9% instead of 55.8%;
- Information and communication at 1.3% instead of 3.1%;
and the increase in those:
- services provided by general public administration and social security by 3.4% instead of 3.1%;
- of trade and repair of vehicles by 2.7% instead of 1.4%.
Overall, the value added of non-agricultural activities saw a slowdown in its growth rate from from 3.9% in the same quarter last year to 3.2% in the first quarter of this year.
Under these conditions, and taking into account the 5.5% increase in the volume of taxes net of subsidies on products, the Gross Domestic Product (GDP) in volume recorded a growth of 2.5% in the first quarter of 2024 instead of 3.9% a year earlier.
>Inflation control
At current prices, GDP grew by 3.8%, reflecting an increase in the general level of price of 1.3%. This economic inflation is slightly higher than the increase in the Consumer Price Index, the average rate of which was 1.2% during this first quarter.
>Significant improvement in domestic demand
Domestic demand increased by 3.6% in the first quarter of 2024 instead of 0.3% in the same quarter of the previous year, with a contribution to economic growth of 3.7 points instead of 0.3 points a year ago.
This is how household final consumption expenditure increased by 3% instead of 0.9%, with a contribution to growth of 1.9 points instead of 0.6 points. Final consumption of general government, for its part, showed a slowdown in its growth rate, falling from 4.5% in the same period of the previous year to 3.9% in the first quarter of 2024 with a contribution to growth of 0.7 points instead of 0.9 points.
Furthermore, the rate of increase in gross investment (GFCF, variation in inventories and net acquisition of valuables) increased by 4.6% instead of a decrease of 5% in the first quarter of 2023. , thus contributing positively to growth by 1 point instead of a negative contribution of 1.2 points.
>A negative contribution from foreign trade
In terms of foreign trade in goods and services in volume, both exports and imports recorded strong increases during the first quarter of 2024. Thus, imports of goods and services showed an increase of 9.5% instead of 7.8%, with a negative contribution to growth of 4.1 points instead of a negative contribution of 3.7 points, during the same period last year. For their part, exports increased by 7.3% instead of 18.6%, with a contribution to growth of 3 points instead of 7.4 points a year earlier.
In this context, foreign trade in goods and services made a negative contribution to growth, standing at 1.1 points instead of a positive contribution of 3.6 points during the first quarter of 2023.
>Improving the financing capacity of the national economy
With an increase, at current prices, of 3.8% of GDP instead of 11.6% in the first quarter of last year and the decrease of 6.4% of net income received from the rest of the world, the growth of gross national disposable income has experienced a clear slowdown, falling from 12% in the same period last year to 3.1% in the first quarter of 2024.
Taking into account the 4.5% increase in national final consumption in value instead of 8.9% recorded a year earlier, national savings stood at 24.3% of GDP instead of 25, 6%.
Gross investment (GFCF, change in inventories and net acquisition of valuables) represented 23.7% of GDP instead of 25.5% during the same quarter of the previous year. This provides a financing capacity of 0.6% of GDP in the first quarter of 2024 instead of 0.1% of GDP for the same period of the previous year.
Below are the tables presenting the results of the national accounts for the first quarter of 2024:
Do you have a real estate project in mind? Yakeey & Médias24 help you make it happen!
© Médias24. Any reproduction prohibited, in any form whatsoever, without the written permission of the Société des Nouveaux Médias. This content is protected by law, in particular law 88-13 relating to the press and publishing as well as laws 66.19 and 2-00 relating to copyright and related rights.
