The national economy would have recorded an increase of 2.8% in the third quarter of 2024, on an annual basis, thanks to a continued recovery in domestic demand and a more sustained increase in exports which would have stimulated an improvement in the added value of all branches except agriculture and fishing, according to the High Commission for Planning

This growth is due to a continued recovery in domestic demand and a more sustained increase in exports that would have stimulated an improvement in the added value of all branches except agriculture and fisheries, explains the HCP in its Q3-2024 economic update and the outlook for Q4-2024.

Thus, continues the same source, growth excluding agriculture would have reached 3.6% in Q3-2024, at an annual rate, noting that all secondary branches would have experienced a revival of activity, with an increase of 4.4%.

The recovery of extractive industries, for its part, would have continued at a rate of 15.4%, on an annual basis, stimulated by a rebound in exports of raw products and still strong demand from local processing industries.

The strengthening of national exports of phosphate and derivatives, against the background of the continued withdrawal of China's export supply for the third consecutive quarter and the entry into force of new productive capacities in DAP (Di-Ammonium Phosphate) and TSP (Triple Super Phosphate), would have boosted industrial demand for crude phosphate and stimulated an increase in its production by 18.9%, in

The moderation in the pace of service growth, which has been in place since mid-2023, would have continued in Q3-2024. In annual variation, the added value of tertiary branches would have grown by 3.4%, instead of +5.8%, on average, between 2022