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Sunday, May 26, 2024

Morocco: Growth Reached 1.3% in 2022

The national accounts for the year 2022 show a marked slowdown in economic growth to 1.3% from 8% the previous year, according to the High Commissioner for Planning (HCP).

Non-agricultural activities showed an increase of 3%, while those in the agricultural sector fell by 12.9%, according to the HCP, which has published an information note on the provisional national accounts for 2022.

Driven by external demand, this growth was achieved against a backdrop of rising inflation and a worsening financing requirement for the national economy, noted the same source.

In detail, value added in the primary sector contracted by 12.7% in volume terms, following a 19% increase the previous year, according to the HCP. This is due to a 12.9% drop in value added in agriculture, instead of a 19.5% rise, and a 9.7% decrease in value added in fishing, instead of a 9.9% rise in 2021.

Meanwhile, value added in the secondary sector slowed from 7.1% in the previous year to 1.7% in 2022.

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