Morocco’s economic growth incline at end of 2023 

Morocco’s economy ended 2023 on a positive note with national growth improving substantially in the fourth quarter, reports L’economiste. 

National economic growth during Q4 accelerated to 4.1% compared to 0.7% during the same time in 2022 reports the High Commission for Plan (HCP). 

The HCP highlighted the control of inflation and a noticeable uptick in the financing requirements of the national economy. 

Non-agricultural activities showed a commendable increase in volume of 4.1%, whereas the agricultural sector showed a more pronounced increase of 5.8%. 

This encouraging sign in economic activity was primarily fueled by a surge in domestic demand which is a key factor in the country’s economic resilience amidst global uncertainties.

This momentum was supported by industrial and agricultural activities. Thus, adding value to the secondary sector in volume, which witnessed an even more robust performance. The secondary sector saw a volume increase of 7.4%, adjusted for seasonal variations during Q4 instead of a decrease of 3.6% during the same period in 2022. 

This increase in growth was propelled by improvements across extraction industries by 16.4%, manufacturing industries by 8%, construction and public works by 2.4% and utilities such as electricity, gas, water, sanitation and waste by 4.2%.

READ: Morocco: expected 2.4% in Growth in beginning of 2024 

However, the expansion wasn’t uniform in all sectors as notable declines were observed. Accommodation and food services declined by 6.9%, financial services and insurance by 3.6%, among others. 

Nevertheless, this economic performance in the fourth quarter of 2023 displays the country’s resilience following the six-year drought that has plagued the country, showing potential for sustained growth amid evolving global economic dynamics. 

L’economiste/ Morocco World News.