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Rabat – Morocco’s national economy recorded a nominal Gross Domestic Product (GDP) of MAD 1.463 trillion (Over 146 billion USD) in 2023, marking a 10% increase compared to 2022, according to the High Commission for Planning (HCP).
The corporate sector, which includes financial and non-financial companies, remained the largest contributor to the country’s wealth, accounting for 45.1% of the GDP. However, the public administration sector’s share dropped slightly to 15.2%, compared to 16.3% the previous year. Meanwhile, households and non-profit institutions serving households (ISBLSM) increased their contribution to 29.6%, up from 28.6% in 2022.
Taxes on production and imports, after deducting subsidies, rose by 0.5 percentage points to 10.1% of GDP.
National income and household savings
The Gross National Disposable Income (GNDI) grew by 9.7% in 2023, reaching MAD 1.576 trillion. This growth was driven by a 10.5% rise in the income of companies, a 9.7% increase for households and ISBLSM, and an 8.9% growth for public administrations.
Households and ISBLSM contributed 64.3% to the national income, followed by public administrations at 19.6%, and companies at 16.1%, including a 2% share from financial companies.
The HCP reports that household disposable income rose by 9.6% in 2023 to reach MAD 996 billion, compared to a 4.6% increase in 2022. Employee salaries made up 45% of this income, growing by 5%, while mixed income, which includes housing services, accounted for 40%, rising by 14%.
Property income also saw a sharp increase of 26%, contributing alongside social benefits and other transfers to 31.9% of household income. However, taxes on income and property, mainly affecting salaries, along with social contributions, reduced disposable income by 16.9%.
Read also: HCP: Nearly 60% of Morocco’s National Wealth Concentrated in Three Regions
Household spending absorbed 88.9% of disposable income, leaving the household savings rate at 11.4%. Social transfers in kind grew by 4.1%, slightly less than the 5.7% growth recorded in 2022.
In addition, household consumption reached around MAD 1 trillion in 2023, up from around MAD 934 billion in 2022. On a per capita basis, household disposable income rose to MAD 26,903, an 8.5% increase from the previous year’s MAD 24,791.
Despite a 6.1% rise in consumer prices in 2023, household purchasing power improved by 2.4 percentage points, recovering from a 3-point decline in 2022.
