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Tuesday, December 6, 2022

Moroccan Economy Expanded by 7.9% in 2021

The national accounts for the year 2021 show a 7.9% growth of the national economy, after a deep recession of 7.2% in 2020 due in particular to the health crisis, according to the High Commission for Planning (HCP).

This upturn is the result of a 17.8% increase in agricultural activity, following an exceptional agricultural season, and a 6.6% rise in non-agricultural activities, explains the HCP, which has just released an information note on the provisional national accounts for the year 2021.

Driven by domestic demand, this growth was achieved in a context of high inflation and an increase in the financing needs of the national economy, notes the same source.

In detail, the primary sector has recorded a growth of 17.6%, following the increase in the activity of agriculture (+17.8%) and fisheries (+12.7%).

The value added of the secondary sector increased by 6.8% due to the improvement in the value added of construction and public works (10.7%), “Electricity, gas, water, sanitation and waste” (6.5%) and manufacturing industries (6.1%).

The value added of the service sector has posted a 6.4% increase against a 7.9% drop in 2020. It was marked by an increase in the activities of accommodation and catering (31.6%), transport and storage (15.2%), research and development and business services (10%), vehicle trade and repair (7.9%), financing and insurance (4.6%), real estate (3%) and education, health and social action (3%).

The national gross domestic product (GDP) rose sharply by 11.4% in 2021 compared to a 7.1% decline a year earlier. This resulted in a sharp rise in the general price level to 3.2% in 2021 up from 0.1% in 2020.

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