This growth is attributed to a strong performance in the manufacturing sector, which contributed significantly to the overall increase. The report also highlights that the services sector, which includes tourism, finance, and other services, experienced a 1.8 per cent growth in June 2024 compared to June 2023. This growth is attributed to a rebound in tourism activity following the easing of travel restrictions and the return of international visitors.
This decline is attributed to several factors, including the global economic slowdown, rising inflation, and the ongoing war in Ukraine. The decline in this sub-sector is particularly pronounced in the manufacturing sector, which has experienced a 17.5 per cent year-on-year drop. This decline is attributed to the global economic slowdown, supply chain disruptions, and the war in Ukraine.
This sector’s performance was driven by a combination of factors, including:
* **Increased demand:** Rising consumer demand for electricity, particularly in the residential sector, contributed significantly to the sector’s growth. * **Government initiatives:** Government policies aimed at promoting renewable energy sources and energy efficiency played a crucial role in driving the sector’s growth. * **Technological advancements:** Innovations in energy storage and transmission technologies have enabled the sector to better manage electricity supply and demand.
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