[Document] Quarterly National Accounts for 4th Quarter 2022

The Gross Value Added (GVA) at current basic prices for the fourth quarter of 2022 has increased compared to the corresponding quarter of 2021. Similarly, GDP at current market prices also increased during the fourth quarter of 2022.

This growth is likely due to more activities in “Accommodation and food service activities”, “Manufacturing”, and “Wholesale and retail trade” to meet the high demand for consumption goods for end of year festivities.

The quarterly growth rates show that the economy registered positive growths up to the fourth quarter of 2019, followed by contractions up to the first quarter of 2021. However, in the second quarter of 2021, a high growth of 15.5% was observed, followed by lower growths in the third and fourth quarter of 2021. Based on the latest data available for 2022, GVA grew in all four quarters with the highest growth observed in the second quarter.

Based on the past trends and taking into consideration the target set by the authority to achieve pre-pandemic figures in the tourism sector, both GDP at market prices and GVA at basic prices are forecasted to grow by 5.0% in 2023, which will mark the country’s return to its pre-pandemic level in real terms. Specifically, the « Accommodation and food service activities » sector is expected to expand by 25.7% in 2023, with tourist arrivals forecasted to be around 1.3 million compared to 997,290 in 2022.