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The tertiary sector dominates economic activity

2024-04-18 08:19:33

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The tertiary sector remains the main driver of activities in the Beninese economy, concentrating almost half of the GDP in 2023. With a nominal value of 5,695.6 billion FCfa, it contributes almost half to the economic growth of the country.

What MIDA / Illustration at the bottom of the paper

The tertiary sector contributed almost half to the growth in gross domestic product (GDP) estimated at 11,934.9 billion CFA francs in 2023 compared to 10,854.5 in 2022. With a nominal value of 5,695.6 billion F Cfa Cfa, its contribution amounts to 3.1 percentage points (pdp), after 2.9 points in 2022, to the overall economic growth rate estimated at 6.4% in 2023 after 6.3% in 2022, after the National Institute of Statistics and Demography (Instad).

The share of the tertiary sector in the formation of GDP stands at 47.7% in 2023 compared to 25.4% for the primary sector and 17.3% for the secondary sector whose contributions respectively amount to 1.4 pdp and 1.2 pdp to GDP growth. That of taxes and duties in the weight of nominal GDP is estimated at 9.6%.

In fact, the Beninese economy recorded an increase in the added value of the tertiary sector of 6.6% in 2023, after 6.0% in 2022, according to the note Economic performance: Benin strengthens its economic growth in 2023 (Instad, National Accounts 2023, March 2024). With a value of 1,339.7 billion CFA francs, the “Commerce” branch of activity recorded an increase of 4.8% in 2023 after 5.0% a year earlier and that of transport (1,163.7 billion ), an increase of 6.5% after 6.7% in 2022.

The primary sector, driven by agriculture, continues to grow: 3,031.7 billion CFA francs in 2023 after 2,919.5 billion a year earlier, according to the breakdown of GDP at current prices by branch of activity. the Department of National Accounts and Economic Statistics. Its added value increased by 5.1% in 2023 after 4.8% a year earlier.

Boost the industry

According to Instad, the “agriculture” branch experienced an increase of 4.8% in 2023 after 4.5% a year earlier and contributes 1 percentage point to nominal GDP. The “Livestock and Hunting” branch experienced growth of 7.6% in its added value in 2023, after 7.4% a year previously. It contributed 0.1 pdp to growth.

For the “Fishing, Forestry and logging” branch, added value increased by 3.7% in 2023, compared to 3.6% in 2022. Its contribution to the growth of nominal GDP in 2023 is low: 0.02 percentage point .

The secondary sector also continues to strengthen its economic performance with 2,065.0 billion CFA francs in 2023 compared to 1,847.2 billion in 2022. But the structural transformation of the economy expected at this level is still proving slow. The contribution of the different branches of the sector to nominal GDP is still low, although performance is remarkable. The agro-food industries sector saw an increase of 6.7% in 2023 after 7.3% a year earlier. The “Buildings and Public Works” branch is experiencing an improvement of 7.8% in value added in 2023 after 9.1% in 2022, due to infrastructure projects currently being implemented.

More emphasis should be placed on the development of industries with a view to creating jobs and wealth.

Economic performance in 2023 is reflected in the evolution of various sectors of activity, with the tertiary sector contributing almost half to GDP growth.

Q. A.

avril 18, 2024

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