Morocco: Economic growth slows in Q1 of 2024

Morocco: Economic growth slows in Q1 of 2024
Morocco: Economic growth slows in Q1 of 2024

The growth of the Moroccan economy reached 2.5% in the first quarter of the year, down compared to the same period last year, according to the High Commission for Planning (HCP).

The closing of the national accounts for the first quarter of 2024 “shows a slowdown in the growth of the national economy standing at 2.5% instead of 3.9% during the same quarter of the previous year. Activities not agricultural sectors showed an increase of 3.2% and those of the agricultural sector a decrease of 5%”, underlines the HCP. The latter notes that this growth was driven by domestic demand, in a context of “controlled” inflation and an improvement in the financing capacity of the national economy.

In detail, the added value of the primary sector in volume, adjusted for seasonal variations, contracted by 4.3% in the first quarter of 2024, after recording an increase of 1.7% in the same quarter of the previous year. . This situation comes from “the sharp decline in the added value of agriculture of 5% instead of an increase of 2.1% and the increase in that of fishing by 10% instead of a decrease of 4. 8%.
For its part, the added value of the secondary sector increased by 3.6% instead of a decrease of 0.4% during the same period last year, underlines the HCP. Finally, the added value of the tertiary sector recorded a slowdown in its growth rate, going from 6% in the same period of the previous year to 3% in the first quarter of 2024.

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