This moderate growth mainly reflects the return of the secondary and tertiary sectors to more moderate growth rates, in the wake of the readjustment in global demand, explains the HCP in its recent economic outlook.
This deceleration is driven by non-agricultural activities, whose added value rose by 3.7%, against a backdrop of a further 5.3% decline in agricultural activity.
The extractive industries posted more moderate growth in the fourth quarter of 2024, although still above their medium-term trend rate. In annual variation, their added value rose by 6.8%, driven by an increase in the production of non-metallic ores, the HCP said.
Continued strong external demand for crude products, particularly phosphate rock with exports up 25%, stimulated a 9.5% rise in market output.
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