Morocco’s Economy Grew by 4.1% in Fourth Quarter of 2023

Rabat – Morocco’s economy capped off 2023 on a positive note, with national growth accelerating to 4.1% in the fourth quarter compared to just 0.7% for the same period in 2022.

This encouraging sign, reported by the Moroccan High Commission for Planning (HCP), comes amidst efforts to control inflation and manage the country’s financing needs.

The surge in economic activity was primarily fueled by a surge in domestic demand, a key factor in the country’s economic resilience amidst global uncertainties.

In an information note on the national economic situation in Q4-2023, the HCP highlighted the control of inflation and a noticeable uptick in the financing requirements of the national economy.

Nonetheless, the expansion wasn’t uniform across all sectors. Non-agricultural activities saw a commendable increase in volume by 4.1%, while the agricultural sector experienced a more pronounced growth rate of 5.8%.

Delving into specific sectors, the primary sector registered a notable growth of 4.6% in the fourth quarter of 2023. This was attributed to a significant uptick in agricultural activity by 5.8%, somewhat offset by a decrease in fishing activity by 14.9%.

Meanwhile, the secondary sector witnessed an even more robust performance, with a volume increase of 7.4%, adjusted for seasonal variations.

This growth was propelled by improvements across extraction industries by 16.4%, manufacturing industries by 8%, construction and public works by 2.4%, and utilities such as electricity, gas, water, sanitation, and waste by 4.2%.

However, the tertiary sector, while still expanding, recorded a slowdown in its growth rate, dropping from 5.1% in the corresponding quarter of the previous year to 2.8%.

Notable declines were observed in accommodation and food services by 6.9%, research and development and services to businesses by 3.7%, financial services and insurance by 3.6%, among others.

At current prices, the gross domestic product (GDP) witnessed a commendable increase of 6.7% in Q4-2023, coupled with a moderation in the general price level to 2.6%.

This economic performance in the fourth quarter of 2023 signifies the country’s resilience and potential for sustained growth amid evolving global economic dynamics.