• Significant decline in extractive activities
• 11% increase in the agricultural sector
• Financial services have the best performance
Cow did the national economy behave in the face of the security situation in 2022? For the National Institute of Statistics, “GDP is progressing timidly, with 1.5% in 2022, against an increase of more than 6% in 2021”. A weak performance due to the significant drop in activities in the secondary sector, made up of extractive, manufacturing, agri-food, construction, etc., continues the INSD, in its April 2023 publication, relating to the 2022 national accounts. .
-13% on extractive activities
It is a sharp drop that was observed in extractive activities at the end of April 2023, according to the national accounts for 1is quarter. Following the cessation or reduction of the activities of several gold mines and the closure of the only mine producing zinc ore, due to a social crisis, the extractive industries will decline by 13.7% in 2022. generated a loss of 2.5 points of national GDP growth. This drop is the largest since the years of the mining boom in Burkina Faso (2008-2009). Indeed, the rise of terrorist attacks has forced some extractive industries to interrupt or reduce their production due to difficulties in supply or security of personnel and their mobility. Thus, according to statistics from the ministry in charge of mines, gold production increased from 66.858 tonnes in 2021 to 57.675 tonnes in 2022.
Evolution of construction activities)
In addition to mining-related activities, the construction sector also recorded a sharp decline. The slowdown in public works resulted in a 17.1% drop in the country’s construction activities. According to the INSD, “the decline mainly concerns public works, which are declining in a context of investment in favor of weapons systems”. This is visible on the table of financial operations of the State. Thus, public administration construction expenditure fell from 857.6 billion in 2021 to 500 billion in 2022, a decrease of 42%. This fall in construction activities thus caused a loss of 0.6 point of GDP growth.
Good performance of the agricultural sector
The good news for the national economy for the end of 2022 came from the primary sector, mainly in agriculture. The increase in agriculture is explained by the increase in the quantities produced, notably cereals. Indeed, according to the final statistics for the agricultural campaign, cereal production increased from 4,661,141 tonnes in 2021 to 5,179,059 tonnes in 2022, an increase of (+11.1%). Agricultural activities increased sharply by 11.2%, after a drop of 9.4% in 2021. With a strong contribution to the formation of GDP (12.7%), this performance thus caused a contribution of 1.4 points to the growth of the economy.
It should be noted, however, that while the climatic conditions were favourable, this performance is part of a context of loss of surface area due to the deleterious security situation. Losses of arable land amount to 245,545 ha for cereals and 66,859 ha for cash crops. Parasite attacks have also strongly impacted the production of cash crops, in particular, the cultivation of seed cotton.
In terms of structures, the tertiary sector continues to be the most representative in the formation of GDP in Burkina Faso. Its contribution drops from 42.2% in 2021 to 43.9% in 2022. This situation is caused by a decline in the secondary sector, with a contribution of 29.2% in 2022, against 33.1% in 2021. This is in link with the fall in the added value of the extractive industries, occupying a predominant weight in the secondary sector.
Among the sectors, the primary continues to be the least representative in the formation of GDP, with only a contribution of 18.7% in 2022, against 16.2% in 2021. The contribution of net taxes and duties remains practically stable, from 8.4% in 2021 to 8.2% in 2022.o
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Financial services have the best performance
A look at the tertiary sector shows that financial services have done well over the past year. Thus, they recorded the best performance, namely an increase of more than 22%, followed by professional and business support activities (+16.8%). The volume of sales in trade saw a moderate increase of 4.6%, while information and communication services, real estate activities and accommodation and food services had respective timid increases of 2.2%. %, 1.1% and 0.5%.
This performance of financial services is favored by an increase in the stock of credits to the economy, rising from 3,487.39 billion FCFA at the end of December 2021 to 4,396.10 billion FCFA at the end of December 2022, i.e. a growth of 26.1%.
