According to the High Commission for Planning (HCP), Morocco’s economic growth saw a 3.8% increase in 2024 compared to 3.7% the year before.
The HCP points out in a 2024 briefing that this growth, driven by domestic demand, was achieved amid a high-rate inflation context and national economy’s financing needs.
Non-agricultural activities soared in volume by 4.5%, whereas those in the agricultural sector were down by 4.8%, says the same source.
In volume terms, the value added of the primary sector recorded a 4.5% decline, due primarily to a downturn in agricultural activity as well as a significant slowdown in fishing, whose growth rate dropped from 6.9% to 2.6%.
The value added of the secondary sector, on the other hand, has achieved a remarkable rise from 0.8% to 4.2% in 2024.
This performance is due to a rise in the value added of the extraction industry (13%), construction and public works (5%), manufacturing (3.3%), and electricity, gas, water, sanitation, and waste management (2.6%).
In addition, the value added of the service sector’s growth rate experienced a slowdown from 5% in 2023 to 4.6% in 2024.
At current prices, GDP increased by 7.9% in 2024 resulting in a general price level rise of 4.1%.
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