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Economy Growth Drops to 0.5% in Fourth Quarter of 2022 – Statistics Office

The closing of the national accounts for the fourth quarter of 2022 shows a clear deceleration in the growth of the national economy, standing at 0.5% instead of 7.6% during the same quarter of the previous year, according to the High Commission for the Plan (HCP).

Driven by external demand, this growth occurred in a context of high inflation and improved financing needs of the national economy, the HCP indicated in a briefing note on the economic situation in the fourth quarter of 2022, specifying that non-agricultural activities recorded an increase of 2.3% and those of the agricultural sector a decline of 15.1%.

In detail, the value added of the primary sector by volume, adjusted for seasonal variations, contracted by 15% in the fourth quarter of 2022, after having recorded an increase of 19.1% in the fourth quarter of 2021. This decline was due to the sharp fall in the value added of agriculture by 15.1% and fishing by 12.3%, the same source specified.

For its part, the value added of the secondary sector, in volume terms, decreased by 2.4% in the fourth quarter of 2022, following the decrease in the value added of the “extractive industry” by 16%, “construction and public works” by 4.6% and “electricity, gas, water, sanitation and waste” by 4.5%, as well as the increase in the value added of manufacturing industries by 0.4%.

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