Rabat - National economic growth slowed down in the fourth quarter of 2016, with a sharp decline in agricultural activity and a moderate increase in non-agricultural activities.
Rabat – National economic growth slowed down in the fourth quarter of 2016, with a sharp decline in agricultural activity and a moderate increase in non-agricultural activities.
The statements were made by the High Commission for Planning (HCP) in its latest on the national economic situation in the Q4 2016.
The national accounts report shows a marked slowdown in national economic growth, reaching 0.9 percent in the fourth quarter of 2016, instead of 5.1 percent during the same period of 2015.
This slowdown was due mainly to the final consumption of households and investment in the context of controlled inflation and an increase in the financing needs of the national economy, explains the HCP.
With a sharp drop in taxes on net revenues from subsidies to 4.2 percent, instead of 16 percent, gross domestic product (GDP) in volume increased by 0.9 percent in the Q4 of 2016. This is instead of 5.1 percent a year earlier, highlights the note, pointing out that, at current prices, GDP grew by 2.5 percent in the same period. As a result, the increase in the general price level reached 1.6 percent instead of 0.2 percent a year earlier, according to the HCP.
The primary added sector value fell by 11.2 percent in the Q4 of 2016, following a 9.7 percent growth in the same period a year earlier, the note said. This is due both to the 11.8 percent decrease in agricultural activity compared to a 9.6 percent growth a year earlier, and to the 5.6 decrease in the fisheries sector compared to an increase of 10.7 percent in 2015, underlines the HCP.
As for the added value of the secondary sector, its growth has stagnated from 4.3 percent in the Q4 of 2015 to 2.6 percent, according to HCP. This explains the decline of processing industries to 2.8 percent, instead of 5.3 percent, electricity and water to 3.4 percent instead of 4.7 percent, and construction to 0.5 percent instead of 3 percent.
The HCP also reported a decline of growth in the transport sector to 3 percent, services provided to households and businesses to 2.5 percent, and posts and telecommunications to 1.8 percent. In total, the value added of non-agricultural activities rose by 2.3 percent compared to 3 percent in the fourth quarter of 2015.