Non-agricultural activities posted an increase in volume of 2.1%, and those of the agricultural sector rose by 6.3%, says the HCP in an information note on the national economic situation in Q2-2023.

Driven by external demand, this growth was achieved against a backdrop of high inflation and an improvement in the national economy’s financing capacity, the same source points out.

In detail, seasonally-adjusted primary sector value added in volume terms rose by 6% in Q2 2023, following a 6.3% increase in agricultural activity and a slowdown in fishing growth to 0.5%.

Value added in the secondary sector fell by 2.8%, compared with 0.1% in the second quarter of the previous year. This decline was due to a fall in value added in the mining industry of 9.4% instead of 7.5%, in building and public works of 2.8% instead of 1%, in processing industries of 2.1% instead of 1.8%, and in electricity and water of 1.4% instead of 1.5%.

Value added in the tertiary sector slowed to 4.4%, marked by a 2.3% rise in real estate services and a slowdown in accommodation and catering (31.2%), transport and warehousing (5.3%), education, health and social services (5, 1%, general public administration and social security services at 4.8%, research and development and business services at 2.2%, information and communication at 2%, financial services and insurance at 1.2% and vehicle trade and repair at 1%.