2.7% GDP Growth in Q4 of 2024
The majority of economic sectors achieved growth despite regional conditions.
Recent government decisions enabled sectors to achieve good growth rates.
اضافة اعلان
Activation of partnerships with the private sector played a significant role in growth.
The national economy confirms its strength and resilience in facing challenges.
The government is working hard to increase growth rates this year.
The Gross Domestic Product (GDP) in the last quarter of 2024 registered a 2.7% increase compared to the same period in 2023, surpassing the estimated rate of 2.5%. The full-year growth for 2024 reached 2.5%, compared to the initial forecast of 2.3%.
According to preliminary estimates from the Department of Statistics, the GDP growth in Q4 of 2024 was driven by key economic sectors achieving exceptional growth rates, despite the challenges posed by regional conditions and geopolitical changes that affected various production sectors.
The growth rates in GDP reflected the resilience and strength of the national economy in facing the repercussions of the regional situation, thanks to the economic policies and reforms implemented by the government, and the activation of partnerships with the private sector to tackle challenges and turn them into opportunities that contributed to increasing growth rates across sectors.
Various economic sectors recorded growth in GDP at varying rates. The majority of commodity-producing sectors achieved notable growth; the agriculture sector grew by 8.4%, manufacturing industries by 4.9%, extractive industries by 4.5%, and electricity and water by 4.2%.
As for service sectors, most of them recorded good growth rates in Q4 of 2024. The transport, storage, and communications sector grew by 3.7%, while wholesale and retail trade, along with hotels and restaurants, grew by 3.1%.
Regarding the contribution of sectors to growth in Q4 of 2024, the manufacturing sector led the list with a contribution of 0.9 percentage points, followed by agriculture with a contribution of 0.53 percentage points, and then transport, storage, and communications with 0.33 percentage points.
As for the contribution of economic sectors to the GDP, the manufacturing sector ranked first with a contribution of 18.7%, followed by the financial, insurance, and real estate services sector with 17.2%, and government services providers with 14.8%.
On the distribution of contributions between commodity and service sectors, the estimates showed that commodity sectors had the largest share in the achieved growth rate, contributing 1.6 percentage points, while the service sector's contribution was about 1.1 percentage points.
-- (Petra)
