Morocco’s economic growth recorded a notable improvement of 3.5% during the first quarter of 2023, compared to the same period last year, when this growth did not exceed 0.5%, according to the latest figures. of the High Commission for Planning (HCP).
This improvement is mainly due to the 6.9% increase in agricultural activity and 3.2% in non-agricultural activities, notes the HCP in its note on the overall economic situation in Morocco during the last quarter. The results indicated that external demand was an engine of economic growth in a context characterized by a sharp rise in inflation and an improvement in the financing capacity of the national economy.
The research results also showed an increase in value added in the primary sector of 6.6% in the first quarter of 2023, after a decline of 11.3% during the same period in 2022. This is explained by an increase in the activities of the agricultural sector by 6.9% instead of a decrease of 12.2% and a slowdown in the growth of maritime fishing activities by 0.3%, instead of 3.3%. The added value of the tertiary sector also increased by 5.4% instead of 4.6% during the same quarter of 2022.
The HCP figures document that this is the result of a notable improvement in the added values of hotels and restaurants of 53.9% instead of the usual 31.6%, transport and storage of 7.1% instead of 2 .3%, as well as the improvement in added value in financial and insurance services by 5.4% instead of 4.5% and public administration and social security services by 4.6% instead of 4.5%. At the same time, the value added of the secondary sector recorded a drop of 1.3% instead of 2.1% in 2022, a consequence of the fall in the value added of the extractive industries of 11.8% instead of 4.4% and construction industry by 3.4% instead of 0.9%.
This is also explained by a fall in the added value of the electricity, gas, water networks, as well as disinfection and waste treatment of 2.4% instead of an increase of 0.1%, and by an increase in manufacturing activities of 1.8% instead of a drop of 2.7%. As a result, the value added of non-agricultural activities increased by 3.2% in the first quarter of 2023 compared to 2.4% last year. Taking into account the increase in the tax on products net of subsidies of 2.7% instead of 0.7%, the gross domestic product ( GDP ) in volume recorded an increase of 3.5% instead of 0 .5% during the first quarter of last year.
An increase in the general price level was also recorded, with gross domestic product increasing by 8.9% during the first quarter of 2023, which translated into an increase in the general price level of 5.4 %.
