National Economy Shrank 6.3% in 2020 (HCP)

The overall Gross Domestic Product (GDP) in volume contracted by 6.3% in 2020 instead of a growth of 2.6% a year earlier, according to the High Commission for Planning (HCP).

With the 7.6% drop in net taxes of subsidies on products instead of a 1.9% increase in 2019, the rate of growth of real GDP, excluding agriculture, fell from 3.7%. in 2019 to -6% in 2020, said the HCP in an information note on the national economic situation in 2020.

In 2020, the value added, in volume, of the agricultural sector (not including fisheries) experienced a second decrease of 8.6% after that of 5.8% in 2019. Similarly, the value added of the other sectors of non-agricultural activity also posted a sharp decline of 5.8% instead of an increase of 3.9% a year earlier.

At current prices, the national GDP experienced a decline of 5.5% in 2020 instead of an increase of 4% a year earlier, thus showing a drop in the general level of prices from 1.4% in 2019 to 0,8% in 2020.

In addition, the HCP reported a reduction in the financing needs of the national economy from 4.1% of GDP in 2019 to 1.8% in 2020.

The source noted an 24.2% increase in net income received from the rest of the world instead of a decrease of 3.2%, said the same source, adding that the gross national disposable income experienced a decrease of 5% in 2020 instead of an increase of 4% in 2019 to stand at 1.153 billion dirhams.

Taking into account the 2.4% drop in national final consumption in value instead of a 3.5% increase recorded a year earlier, national savings fell by one point to stand at 26.7% of GDP.

For its part, the level of gross investment (GFCF and stock movements) represented 28.4% of GDP in 2020 compared to 31.9% the previous year.