"Overall and taking into account an increase of 13.4% of the value added excluding agriculture and a rebound of 15.9% of that of agriculture, the economic activity would post an increase of 14.7% in the second quarter of 2021, in annual variation, taking advantage of a base adjustment effect related to the fall of 15.1% of the activity during the period of lockdown in the second quarter of 2020", the HCP said in its recent economic note.

Non-agricultural value added is expected to increase by 13.4% in the second quarter of 2021, year-on-year. In the tertiary sector, activity is expected to continue to recover in market services, particularly trade, transport and catering.

Overall, the tertiary sector is expected to contribute +5.9 points to GDP growth, compared with +4.2 points for the secondary sector. Industrial, electrical and construction activities are expected to grow at a relatively faster pace than in the previous quarter.

However, growth in mining activity is expected to slow to an annualized +1.4% from +7.9% a year earlier.