National account results for the second quarter (Q2) of 2026 highlight a slowdown in national economic growth, which stood at 4% compared to 5.8% in the same quarter of 2025, according to the High Commission for Planning (HCP).
“This trend reflects contrasting sectoral dynamics. Non-agricultural activities recorded a sharp slowdown in growth, falling from 4.9% to 1.5%, while the agricultural sector experienced a marked acceleration, with its value added rising by 21.2% compared to 8.3% a year earlier,” states the HCP in its briefing note on the national economic situation in Q2-2026.
Driven primarily by domestic demand, this growth occurred in a context marked by controlled inflation and an worsening financing requirement for the national economy, the same source noted.
Thus, the primary sector’s value added registered a strong increase of 20.9% in Q2-2026, driven by growth in both agricultural activity (+21.2%) and fisheries (+15.9%).
Regarding the secondary sector’s value added in volume, seasonally adjusted (SA), it contracted by 3.9% in the second quarter of 2026, after recording an increase of 5.8% in the same quarter of the previous year.
This sharp decline resulted from the combined effect of a drop in value added across mining/extractive industries (-28.6% compared to a 13.7% increase) and manufacturing (-3.2% compared to a 4.3% increase), alongside a slowdown in construction (2.8% down from 7.6%) and electricity and water (1.9% down from 3.8%).
As for the tertiary sector’s value added, its growth rate slowed to 4% this quarter, down from 4.5% in the same quarter of the previous year.
At current prices, gross domestic product (GDP) grew by 4.4% in Q2-2026, pointing to a slowdown in the general price level to 0.4%.
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