The High Commission for Planning (HCP) announced on April 19 that Morocco adopted the System of National Accounts (SNA) of 2014, instead of that of 2007.
SNA is an international standard prepared under the norms of the United Nations, the European Commission, the Organisation for Economic Cooperation and Development, the International Monetary Fund (IMF), and the World Bank Group, HCP explained.
According to HCP, this financial system will enable a coherent, exhaustive, and relevant description of the Moroccan economy.
This new classification will make it possible to describe different economic activities, including products and trade in order to better organize information in the national accounts database.
The impact of the changeover to the 2014 database on economic aggregates GDP is revised upwards by 8.2, HCP said.
In 2014, Morocco’s GDP in value terms amounted to MAD 1,001.5 billion, up compared to MAD 925.4 billion recorded in the 2007 database.
It is therefore revised upwards by MAD 76.1 billion, or 8.2% compared to the previous database.
This revision represents the result of the increase in the value-added of all branches of activity, totaling MAD 79.8 billion, up 9.6% compared to the previous base, while the downward revision of taxes on products totaled MAD 3.8 billion, down 4% compared to the 2007 base.
By sector of activity, the value-added of the primary sector (agriculture and fisheries) totaled MAD 103.7 billion in 2014 database, down compared to MAD 107.9 billion in the 2007 database, a downward revision of 3.9%.
Additionally, the value-added of the secondary sector (mining and processing industries, construction and production, and distribution of water and electricity) reached MAD258.5 billion, up compared to MAD245.1 billion recorded in the 2007 database, a revision of +5.5%.
As for the value-added of the tertiary sector, namely services such as trade, it reached MAD548.3 billion, up compared to MAD477.7 billion, thus recording a revision upwards of 14.8%.
This financial system showed a clear improvement in Morocco’s GDP, mainly in the share of the tertiary sector which moved up from 51.6% to 54.8%, according to the same source.
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