After estimating growth at 2.9% in the first quarter of the current financial year, the HCP has just revised Morocco’s economic growth downwards.
In its latest report, the High Commission for Planning (HCP) announces a slowdown in economic growth in Morocco. Instead of the 3.9% recorded in the same quarter of the previous year, growth stood at 2.5% in the first quarter of 2024.
This regression can be explained by several factors. First, domestic demand played a key role, while inflation remained under control. In addition, the Moroccan economy benefited from an improvement in its financing capacity.
Non-agricultural activities increased by 3.2%, while the agricultural sector experienced a decrease of 5%. The value added of the primary sector also decreased by 4.3%, mainly due to the decrease in the value added of agriculture (5%) and the increase in that of fisheries (10%).
The secondary sector, for its part, recorded an increase of 3.6%, thanks in particular to the manufacturing industry and extraction. Manufacturing grew by 2.1%, while mining saw a remarkable increase of 17.7%.
In contrast, the tertiary sector saw its growth rate slow from 6% to 3%. Financial services and insurance, research and development, and transportation and warehousing all experienced slowdowns.
Gross Domestic Product (GDP) recorded growth of 2.5% in the first quarter of 2024, despite a 5.5% increase in taxes net of subsidies on products. The general price level increased by 1.3%.
This economic situation requires special attention to maintain stability and promote recovery. Morocco will need to closely monitor future developments to adapt its economic policy accordingly.
MN/ac/APA
