National Economic Growth: Rebound to 4.1% in the Fourth Quarter of 2023
The Moroccan national economy showed a notable improvement in the fourth quarter of 2023, according to data released by the High Commission for Planning (HCP). Economic growth reached 4.1%, marking a significant increase compared to the same period in 2022, when it stood at 0.7%.
Driven by domestic demand, this growth occurred in a context of inflation control and an increase in the financing needs of the national economy, the HCP stated in an information note on the national economic situation in Q4-2023. Non-agricultural activities increased by 4.1% in volume, while agricultural sector activities grew by 5.8%.
The value added of the primary sector experienced growth of 4.6% in the fourth quarter of 2023, with agriculture activity rising by 5.8% and fishing declining by 14.9%.
Meanwhile, the value added of the secondary sector in volume, adjusted for seasonal variations (CVS), rose by 7.4% in the fourth quarter of 2023. This was attributed to improvements in the value added of extraction industries by 16.4%, manufacturing industries by 8%, construction and public works by 2.4%, and electricity, gas, water, sanitation, and waste by 4.2%.
In terms of the value added of the tertiary sector, its growth rate slowed from 5.1% in the same quarter of the previous year to 2.8%. This was marked by declines in accommodation and food services by 6.9%, research and development and business services by 3.7%, financial services and insurance by 3.6%, services provided by general public administration and social security by 2.5%, education, health, and social action services by 1.8%. However, improvements were seen in transport and storage activities by 3.7%, real estate services by 2.4%, trade and vehicle repair by 2%, and information and communication by 2%.
At current prices, the gross domestic product (GDP) experienced a 6.7% increase in Q4-2023, resulting in a slowdown in the general price level to 2.6%.