A growth of 1.2% of GDP was recorded in the first nine months of 2016 compared to the same period of 2015. The Gross Domestic Product (GDP) in the third quarter of 2016 grew by 1.3%, compared to the same quarter of 2015, and increase 0.2% compared to the second quarter of 2016, according to preliminary results of the quarterly national accounts published Tuesday by the National Institute of Statistics (INS).
Increase in value added in manufacturing industries
According to the same source, value added in manufacturing industries increased by 1.2% in the third quarter of 2016, driven in particular by growth in the agricultural industries (2.1%), chemical industries (1.6%) and mechanical and electrical industries (2.1%). On the other hand, value added in the building materials, ceramics and glass industries decreased by -6%.
Negative trends in non-manufacturing industries
Value added in non-manufacturing industries contracted by -5.6% in the third quarter of 2016 compared with the same period in 2015. This decline was due to the continued drop in oil and natural gas extraction by -8.7%, and by the fall in production of the mining sector by -20.7%. 0.7 million tons were produced during the third quarter of 2016, compared with 1.1 million tons during the same period of 2015.
3.7% growth in merchant services
The value added of the services sector increased by 3.7% in the third quarter of 2016 compared to the same period of 2015. This growth is explained by the rise in the value added of all sectors such as services which grew by 3.7% and hotel and restaurant services, which recorded a qualitative jump of 11.6% in the third quarter of 2016, following an increase in the number of overnight stays by 72%. Positive growth was also recorded in the telecommunications services and financial services sectors by 5.9% and 4.1%, respectively.
For its part, the non-market services sector (services provided mainly by public administrations) continued its positive growth in value added by 2.9%.
Regression of farming and fishing activities
The value added of agriculture and fisheries declined 3.7% in the third quarter of 2016 compared to the same period of 2015, confirming the downward trend of this sector since the beginning of the year.