Rabat – A recent report by Morocco’s High Commission for Planning (HCP) revealed that Morocco’s national savings totaled MAD 356 billion in 2022, marking a 0.9% decrease compared to 2021.
HCP indicated that financial and non-financial companies contributed 60.8% to these savings. Meanwhile, households and non-profit institutions serving households contributed 30%, with public administrations contributing 9.5%.
The gross formation of fixed capital reached MAD 360.8 billion in 2022, representing a 7.5% increase from the previous year.
Financial and non-financial companies played a significant role, contributing 58.5% to the national gross formation of fixed capital in 2022, noted the report.
Households and non-profit institutions serving households contributed 28%, down from 29.6%, while public administrations contributed 13.6%, down from 20%.
The report highlighted that the overall need for financing the national economy stood at MAD 47 billion in 2022, constituting 3.5% of the gross domestic product (GDP), up from 2.3% in the previous year.
HCP attributed this shift to the deteriorating financing capacity of financial companies and households, including non-profit institutions serving households, with MAD 34.3 billion and MAD 7.7 billion, respectively.
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Meanwhile, the financing needs of non-financial companies and public administrations decreased by MAD 10.6 billion and MAD 14.4 billion, respectively.
To cover their financing needs, non-financial companies saw a significant increase in bank loans. Net loan inflows for non-financial companies reached MAD 44.4 billion in 2022, compared to MAD 1.2 billion in 2021, constituting 34% and 2% of their commitments for 2022 and 2021, respectively.
Regarding public administrations, the General Treasury’s domestic market issuances witnessed a significant decrease, recording a net inflow of MAD 20.5 billion in 2022.
In addition, external debt for the sector experienced a slight decrease, with a net inflow of MAD 7.7 billion in 2022 compared to MAD 8.1 billion in 2021.
Notably, the net flow of internationally tradable debt securities shifted from a deficit of MAD 2.1 billion in 2021 to a deficit of MAD 11.1 billion in 2022.
Household debt, including self-employed individuals, at banks showed a significant decline, with net loan inflows decreasing from MAD 20.4 billion in 2021 to MAD 16.3 billion in 2022.
Conversely, deposits saw a substantial increase, recording a net inflow of MAD 89.6 billion in 2022, compared to MAD 38.9 billion in 2021, representing 95% and 63.3% of their assets, respectively.
On the other hand, financial companies experienced a notable increase in both loans and deposits. Net loan inflows from this sector amounted to MAD 87 billion in 2022, while deposits at these institutions recorded a net inflow of MAD 177.5 billion in 2022.
