Casablanca – After the 2020 COVID-19-related economic crisis that saw Morocco’s economy shrink by 7.2%, Morocco’s economy grew by 7.9% in 2021.
A newly released report by the High Commission for Planning (HCP) attributes the rapid growth to a great year for Moroccan agriculture, which grew by 17.6%, despite facing high inflation and difficulties to garner international financing.
In 2021, Morocco’s primary sector, consisting of agriculture and fishing, grew by 17.6% compared to a 7.1% drop in 2020.
This increase, driven by domestic demand, occurred in the midst of rising inflation and a deterioration of the national economy‘s need for finance.
Last year, domestic demand increased by 9.1% after declining by 6.5% in 2020, providing 9.8% to national economic growth rather than a negative contribution of 7.1%.
For its part, the secondary sector, consisting of construction, energy, and manufacturing, saw its value grow by 6.8% owing to increased activity in construction and public works (+10.7%), electricity, gas, water, sanitation, and waste (+6.5%) and manufacturing (+6.1%).
The value-added of the tertiary sector, which includes all other sectors, increased by 6.4% after falling by 7.9% in 2020, the report adds.
It was distinguished by a 31.6% growth in the hospitality sector, a 15.2% in transportation and storage, and a 10% increase in research and development and business services.
This is in addition to an increase in the trade and repair of vehicles of 7.9%, financial services and insurance by 4.6%, real estate services by 3%, and education, health, and social services by 3%.
Under these conditions, the Gross Domestic Product (GDP) in volume increased by 7.9% in 2021, rather than declining. 7.2% a year ago.
