Morocco’s economic growth slowed to 3.7% in the fourth quarter of 2024, primarily due to a contraction in agricultural activity, according to a report by the High Commission for Planning (HCP) released on Tuesday.
The agricultural sector saw a 4.9% decline in value added, compared to a 1% growth in the previous year. The fisheries sector, however, experienced a slight rebound of 0.8%.
In the secondary sector, growth slowed to 4.9%, attributed to declines in extractive industries and manufacturing. Conversely, construction and public works, as well as utilities, saw increased growth.
The services sector grew by 4.2%, with strong performances in tourism and hospitality, and public administration. However, other services, including business services, transportation, and telecommunications, experienced slower growth.
Domestic demand contributed 8.9 percentage points to growth, with household consumption slowing and public spending increasing. Overall investment grew by 15.3%, contributing 5.4 points to growth.
Foreign trade had a negative impact on growth, with imports outpacing exports. The net contribution of foreign trade was -5.2 points.
GDP at current prices grew by 6.2%, and the general price level rose by 2.5%, indicating a slowdown in inflation.
Despite this moderated inflation, Morocco’s financing needs increased, with gross national income growing by 5.8%. National savings reached 28.8% of GDP, while total investment represented 32%. The external financing gap widened to 3.2% of GDP.
MK/te/fss/abj/APA