Domestic demand remains the key driver of national economic growth in the first quarter of the year according to the Treasury and External Debt (DTFE) in its economic report in late June. Particularly, the contribution has been 3.1 points, only 2.9 points against the same period last year.
In detail, the final consumption contributed 2.4%, driven principally by the household at the time the contribution of gross investment was limited to only 0.7 points. Trade in goods and services contributed negatively to growth, or 1.4% points against 0.9 a year earlier.
Experts from the DTFE explain this result comes from the increase in volume of 12% of imports, in spite of the improvement of 8.8% of exports of goods and services. Indeed, after a downward trend in the volume as well as the recovery in the first quarter, landings sector grew by 33%, bringing their evolution since the beginning of the year to 10%.
A recovery mainly due to the increase of 13.4% of pelagic fish. The valuation of landings is no exception to this improvement. It grew by 34.3% in the second quarter, resulting in an increase of 6.8% at end-June after falling 18.6% in the first quarter. The DTFE noted that this performance is the result of an increase of 8.5% of the value of pelagic fish, 0.8% of that of white fish and 4% of cephalopods.
DTFE also indicates that the energy sector is consolidating its gradual recovery since the beginning of the year. Indeed, the increase in net production accelerated in the second quarter with an increase of 7.2% from 5.3% in the first quarter.
Correspondingly, electrical energy consumption has accelerated from 2.6% in the first quarter to more than 6.1% in the second quarter. Thus, during the first six months of the year, electricity consumption showed an upsurge of 4.4%, against a decline of 0.6% a year earlier. And these are the households that are behind this evolution with 7.1%, followed by agencies (4.9%). The DTFE also reports that the consumption of electricity for the industrial sector rose 2.1%, after to 6% at end-June last year down.
According to data from the DTFE, the sector continues its downturn for the third consecutive year. Services of the Department of the Treasury stated that although the surveys made by the HCP were anticipating some improvement in the second quarter, the decline in cement sales was more pronounced during this quarter to -5.5% after -3.2% in the first quarter of the year.