Morocco recorded GDP growth of 4.3% in the third quarter of 2024, a performance driven by many sectors, revealed the High Commission for Planning (HCP) in its latest information note.
In a growing dynamic, the non-agricultural sector largely contributed to these results, having experienced an increase of 5.1%. The secondary sector saw its added value jump by 7.6%, propelled by industrial extraction which reversed a decline of 3.3% to reach an increase of 15.9%, indicates the HCP in its information note on the national economic situation in the third quarter of 2024.
Manufacturing industries, for their part, showed a recovery of 7.5%, while construction and public works progressed by 6.9%. The field of electricity, gas, and environmental services also saw an increase of 3.4% instead of 1.5% during the same period in 2023.
At the same time, the tertiary sector maintained its growth, going from 3.6% to 3.8%, thanks to the improvement in transport and warehousing activities of 4% instead of 3.1%, services provided by the general public administration and social security by 3.7% instead of 1.5%, and trade and vehicle repair by 3.2% instead of 1.9%.
However, the sector recorded slowdowns in certain services such as accommodation and catering which went from 12.5% to 11.2%, research and development and services provided to businesses at 4.8% instead of 5, 4%, financial and insurance services at 3.1% instead of 4.1%, education, health and social action services at 2.5% instead of 3.2%, real estate services 1.8% instead of 3%, as well as those of information and communication going from 2.5% to 0.3%.
Conversely, the agricultural sector recorded a notable decline, with a decrease of 5.2% in its activities, thus undermining the performance of the primary sector which contracted by 4.1%. On the other hand, fishing activity increased to 12%, somewhat moderating the overall fall in the sector.
In this context, and taking into account the increase in the volume of taxes on products net of subsidies of 8% instead of 4.2%, GDP showed growth of 4.3% instead of 3% during the third quarter of 2023.
Concerning domestic demand, it experienced an increase in its growth rate of 6.3% in Q3-2024, with a contribution to national economic growth of 6.9 points. Notably, gross investment reversed a negative trend to achieve significant growth of 13.5%, contributing 3.7 points to economic growth. While household and public administration consumption supported this trend with respective increases of 3.9% and 3.8%.
In terms of exchanges externally, imports of goods and services increased by 12.9%, compared to 8.6% the previous year, making a negative contribution to economic growth of 6.9 points, compared to 5 points previously. At the same time, exports grew by 9.8% compared to 7.2% last year, with a contribution of 4.4 points to growth, compared to 3.4 points previously.
Thus, for the third quarter of 2024, foreign trade contributed negatively to growth, to the tune of (-2.5) points, compared to (-1.6) points last year. Regarding the financing of the national economy, the need has increased, thus exacerbating an imbalance. Gross national disposable income grew by 5.4%, compared to 9% the previous year, while GDP at current prices increased by 6%.
National final consumption slowed, recording an increase of 5% against 9.7% previously, thus setting national savings at 26.9% of GDP against 26.7%. Gross investment represented 30.7% of GDP, up from the previous 28.5%, leading to an increase in the financing requirement from 1.8% to 3.8% of GDP.
