The High Commission for Planning (HCP) has published the national accounts for the second quarter of 2024, revealing a slowdown in Morocco’s economic growth. Growth fell from 2.5 to 2.4 percent compared with the same period in 2023. This slowdown, although moderate, takes place in a context of controlled inflation and a financing requirement for the national economy equal to 1.1 percent of GDP.
Non-agricultural activities grew by 3.2 percent, while the agricultural sector contracted by 4.5 percent. Seasonally adjusted value added in Morocco’s primary sector contracted by 5 percent in the second quarter of 2024, following an increase of 1.2 percent in the previous year. This contraction was due to a 4.5 percent fall in value added in agriculture and a 14.7 percent fall in fishing.
In contrast, value added in the secondary sector increased by 3.8 percent, compared with a fall of 2.4 percent in the previous year. This improvement was driven by increases in value added in mining (23.6 percent), construction (3.6 percent) and manufacturing (2.9 percent), despite a 6.3 percent decline in electricity, gas and water supply.
The growth rate of the tertiary sector slowed from 5 to 3.1 percent. This slowdown was marked by significant declines in hotels and restaurants (9.3 percent), transportation and storage (5.1 percent), and financial services and insurance (0.9 percent).
However, some activities recorded growth, notably public administration and social security services (3.6 percent) and motor trades and repairs (1.9 percent).
As a result, value added in the nonagricultural sector increased by 3.2 percent in the second quarter of 2024, compared to 2.5 percent in the previous year. The kingdom’s gross domestic product (GDP) grew by 2.4 percent in volume terms, compared with 2.5 percent in the previous year, with an increase of 3.6 percent at current prices.
This slowdown in Morocco’s economic growth raises questions about the measures needed to stimulate the economy and keep inflation under control.
RT/ac/lb/as/APA