Bad posture. According to recent data published by the High Commission for Planning (HCP), the deceleration of the national economy continued in the second quarter of 2022.
“The closing of the national accounts for the second quarter of 2022 shows a marked slowdown in the growth of the national economy, standing at 2% instead of 14.2% during the same quarter of the previous year”, announced the High commission which takes into account the 5.3% increase in taxes on net income from subsidies.
In an information note relating to the national accounts for the second quarter of 2022, the public body reports that non-agricultural activities posted an increase of 4.2% during the second quarter of 2022 instead of 13 .3% the same quarter of the previous year.
Activities in the agricultural sector, for their part, fell by 15.5% instead of an increase of 17.5%, added the High Commission from the same source.
This growth, driven by domestic demand, “was achieved in a context of high inflation and an aggravation of the national economy’s need for financing”, explained the institution.
In detail, new analyzes show that the added value of the primary sector in volume adjusted for seasonal variations, contracted by 16% in the second quarter of 2022, following having recorded an increase of 18.3% in the same quarter of the year. ‘last year.
The High Commission attributes this decline to “the fall in the added value of agriculture by 15.5% instead of an increase of 17.5% and that of fishing by 23.4% instead of an increase of 36.9%”.
The situation has also deteriorated at the level of the secondary sector where the value added, in volume, experienced a marked slowdown in its growth rate from 17.3% during the same quarter of the previous year to 1.5 %.
This considerable drop is the result of the slowdown in the rate of increase in the value added of manufacturing industries to 2.3% instead of 20.2%, of “Electricity, gas, water, sanitation and waste” (2% instead of 14, 6%), construction and public works (1.7% instead of an increase of 16.9%) and the drop in that of the extraction industry (7.8% instead of 0.6 %).
Also affected by these declines, “the added value of the tertiary sector recorded a slowdown in its growth rate from 11.2% in the same quarter of the previous year to 6.1%”, noted the HCP in its information note.
According to his explanations, this slowdown was the result of the increase in the added value of services rendered by general public administration and social security by 5.6% instead of 4.3%, education, health and social action (4.3% instead of 2.8%) and information and communication (1.3% instead of a drop of 0.5).
After analysis, it appears that this decline is also explained by the slowdown in the added value of accommodation and catering to 50.3% instead of 86.4%, transport and storage (10.8% instead of 42 .6%), vehicle trade and repair (4% instead of 17.6%), research and development and business services (3.2% instead of 24.5%) as well as real estate services at 1.5% instead of 3%.
It should be noted that at current prices, GDP experienced a net slowdown to 6.9% instead of 16.5% a year earlier, thus generating an increase in the general level of prices of 4.9% instead of 2.3%.
From the analyzes of the HCP, it also emerges that “domestic demand posted a marked slowdown, dropping from 10% during the same quarter of the previous year to 2%, thus contributing 2.2 points to national economic growth instead of by 11.3 points.
As a result, household final consumption expenditure experienced a marked slowdown in its growth rate, which fell from 13.6% in the second quarter of 2021 to 3.2% with a contribution to growth of 1.7 points in instead of 7.4 points.
In an information note, the HCP also tells us that the final consumption of public administrations posted an increase of 6.7% instead of 5.5%, while gross investment, on the other hand, fell by 2 .4% instead of an increase of 7.3% a year earlier.
As for foreign trade in goods and services in volume, both exports and imports recorded strong increases during the second quarter of 2022.
Indeed, it emerges from the data collected that exports of goods and services jumped by 36.4% instead of 22.4% in the same period of the past year, while imports increased by 28. 7% instead of 8.3%.
Thus “foreign trade in goods and services made a negative contribution to growth, standing at 0.2 points instead of a positive contribution of 2.9 points during the second quarter of 2021”, deducts the HCP in his note.
Alain Bouithy
