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Economy

Morocco's GDP Displays Robust Growth in the Third Quarter of 2023

Friday 29 December 2023 - 10:35

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In the third quarter of 2023, Morocco's national economic growth experienced a significant upswing, reaching 2.8% compared to the 1.7% recorded during the same period in 2022, as reported by the High Commission for Planning (HCP).

This positive development is attributed to a 2.7% increase in non-agricultural activities, a slight dip from the 3.3% growth observed the previous year, while the agricultural sector showcased remarkable growth at 5.7%. The HCP attributes this momentum primarily to robust domestic demand, notwithstanding a high inflationary environment, coupled with a reduction in the financing needs of the national economy.

Delving into the specifics, the primary sector witnessed a noteworthy surge in value-added, experiencing an 8.9% growth in the third quarter of 2023, in stark contrast to the 13.8% decline during the same period in 2022. This development is credited to a 5.7% increase in agricultural activity and an impressive 80.7% surge in fishing.

Moving on to the secondary sector, value-added exhibited a 0.5% increase, a positive shift from the 1.1% decline observed in the same quarter of the previous year. Growth was notable in electricity and water-related activities, manufacturing industries, construction, and public works, while the extraction industry experienced a marginal downturn.

However, the tertiary sector recorded a deceleration in its growth rate, dropping from 5.9% to 3.1% during this quarter. This slowdown is evident in various areas, including accommodation and food services, education services, healthcare, social activities, research and development, business services, financial and insurance services, transportation and storage, as well as information and communication.

Despite an increase in taxes on net product subsidies, the Gross Domestic Product displayed a commendable volume growth of 2.8%, surpassing the 1.7% recorded in the third quarter of the previous year.