This slight growth is the result of the increase in non-agricultural activities of 3.6% and the decline in those of the agricultural sector of 16.1%, explained the HCP in a briefing note on the national economic situation in the second quarter of 2022 and perspectives of third quarter.

In detail, the value added of the tertiary sector, essentially supported by the strengthening of public service activities and the continued recovery of tourism, transport and cultural services, would have increased by 5% in the second quarter of 2022, contributing 2.5 points to overall economic growth.

In addition, the value added of the secondary sector is estimated to have recovered by 0.8% in Q2 2022, in annual variation, after having fallen by 0.9% in the previous quarter. This recovery would have been mainly due to a 1.1% improvement in manufacturing value added, attributable to the recovery of textile activities and the strengthening of pharmaceutical and rubber products.

On the other hand, the value added of the chemical and building materials industries continued to fall at annual rates of 1.6% and 2.1% respectively during the same period.

The construction sector continued its slowdown for the third successive quarter. Its value added would have grown by 0.7% in the second quarter of 2022, instead of 1.8% in the previous quarter.

This trend was confirmed by the decline in the use of construction materials, particularly cement, sales of which fell by 11.1% in the second quarter of 2022, in annual variation.

The report also indicates that the national economy is expected to grow by 0.8% in the third quarter of 2022, in annual variation, instead of +8.7% in the same quarter of 2021, according to the HCP forecast.

This forecast takes into account a contraction of agricultural activities of 14.1% and an increase in the non-agricultural activities of 2.9%, according to the report.