Morocco ended 2024 with robust economic growth and increased household financial comfort, according to a new report from the High Commission for Planning (HCP).
The report showed the country’s GDP at current prices reached 1.596 trillion dirhams, up 7.9% from 2023. Financial and non-financial companies remained the main drivers, generating 45.7% of GDP and contributing over 60% of national savings.
Households and non-profit institutions serving families accounted for 28.4% of GDP and held the largest share of disposable income at 63.1%. Their savings represented 26.8% of the national total, while their investment contribution reached 26.1%.
Household disposable income rose 6.7% to 1.06 trillion dirhams. Salaries accounted for 45.3%, while small business and mixed incomes contributed 39.4%. Net property income grew 10.6%, though taxes and social contributions reduced income by 17.6%.
Average disposable income per person increased to 28,808 dirhams, up 6%, while purchasing power improved by 5.1 points due to low inflation of 0.9%. National savings grew 11.6% to 461.7 billion dirhams, mainly driven by company savings, and total fixed capital investment climbed to 422.5 billion dirhams, led by a 19.9% rise in company investment.
The economy faced higher financing needs, totaling 18.5 billion dirhams, or 1.2% of GDP. Non-financial companies required 8.2 billion, financial companies 9 billion, while public administration reduced its gap to 24.4 billion. Households and non-profits recorded a positive position of 23.1 billion.
Debt patterns shifted, with the state relying more on domestic borrowing, issuing 48.8 billion dirhams in treasury bills and adding 19 billion in external debt.
International bond flows posted a negative balance of 9.4 billion. Bank loans to non-financial companies fell to 12.9 billion, while loans to households rose to 13 billion. Household deposits jumped by 86.8 billion, and financial company deposits increased to 152.3 billion despite a slowdown in lending.
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