The National Office of Statistics (ONS) has released the Quarterly National Accounts (QNA) for the first quarter of 2023, unveiling an overall economic growth of 3.0% compared to the same period in the previous year.
The hydrocarbon sector witnessed a 1.4% growth in Q1 2023, marking a significant improvement over the 2.3% decline recorded in Q1 2022. However, the growth outside the hydrocarbon sector was even more noteworthy, reaching 4.0%, mainly bolstered by industrial activities, Building-Public Works and Hydraulics (BPWH), trade, and Hotels Cafés Restaurants, which experienced high growth rates of 6.1%, 4.7%, 6.0%, and 7.9% respectively.
In current value, the GDP for Q1 2023 saw an increase of 9.1%, as opposed to 24.9% a year earlier. Thus, the general price level rise in Q1 2023 was 5.9%, compared to 21.9% during the same period the preceding year.
The agricultural sector recorded a growth of 2.2% in Q1 2023, a decrease from the 5.0% growth seen in the same quarter of the previous year. Conversely, the industry experienced a genuine resurgence with a volume growth of 6.1%, up from 4.2% the previous year.
The value-added volume of the BPWH advanced by 4.9% in the first quarter of 2023, compared to 2.9% during the same period the previous year. However, the sector of oil-related services and public works experienced a deceleration in its growth pace, shifting from 6.3% to 1.9%.
Imports of goods and services rose by 8.3%.
Domestic demand also saw a robust increase, rising in volume by 5.8% in Q1 2023, compared to 0.9% in the same quarter of the previous year. Household final consumption grew by 2.1%, while gross fixed capital formation (GFCF) displayed a sharp increase of 5.2%.
As for exports of goods and services, they recorded a slight growth of 0.3% in Q1 2023, marking a departure from the 2.2% increase in Q1 2022. This increase was primarily attributable to a rise in hydrocarbon exports, while the exports of other goods experienced a decline of 7.5%.