The average growth rate for the services sector for the first half of 2022 was 5.4 percent.
According to the budget for the year 2023, the average growth rate for the services sector in the first half of 2022 was 5.4 percent, which is a significant decrease from the 8 percent growth rate reported for the same period in the year before.
The Information and Communication subsector of the services industry saw the greatest expansion, with a growth rate of 20.3% over the previous year.
As a result of the heavy influence that technology has on the world, the spectacular rise can be linked to the growing use of information and communication technologies (ICT).
On the other hand, the Professional, Administrative, and Support Service activities subsector had the lowest performance, recording a growth rate that was 11.5 percentage points below zero.
Meanwhile, the real estate market experienced a decline of 5%. Because of the vast range of people who are engaged in the real estate subsector, a decline in that sector's rate of growth has significant repercussions for the economy.
Another important subsector worth mentioning is the hospitality and food service industry, which has experienced consecutive years of negative growth due to the impact of Covid beginning in 2020.
On the other hand, the hotels and restaurants subsector posted a growth rate of 4.7 during the first month of this year. The positive increase represents a major turnaround when compared to the negative 1 percent that was reported for the same period last year and the negative 37 percent that was projected for the year 2020 during the height of the covid pandemic.
However, the contribution of the services sector to the country's GDP is still the highest, as it accounts for 46.2% of the economy.