The national economy is estimated to reach 1.8% in the third quarter of 2022, down compared to the 2% recorded in the previous quarter, said the High Commission for Planning (HCP) in its latest report published Thursday.
The decline follows the 15.2% drop in agricultural added value during the previous quarter, explained HCP.
Excluding agriculture, activity slowed slightly, reaching 3.7%, instead of 4.2% recorded in the previous quarter, largely due to the deceleration of added value in secondary industries.
In the fourth quarter of 2022, the decline in agricultural added value is expected to reach -15.8% on an annual basis. However, with an increase in non-agricultural activity of 3.3%, the national economy is expected to grow by 1.4% in the fourth quarter of 2022.
Global activity plunged in the third quarter of 2022, as the world economy continued its slowdown in a context marked by shocks related to the war in Ukraine, the spread of inflationary pressures and the general tightening of financial and economic conditions, said the same source.
Russian gas supplies have exacerbated Europe’s energy crisis, and a drop in the euro/dollar exchange rate has also fueled price increases, according to the same source.
HCP further stated that under these conditions, international trade in goods was disrupted in the third quarter of 2022, but foreign demand for Moroccan goods remained resilient, increasing by 4.3% compared to +7.3% in the same period last year.
In the commodities market, prices remained at a high level in the third quarter of 2022, despite a slight easing in July and August 2022, added the same source.
The price of Brent crude reached $99.2/barrel in the third quarter of 2022, compared with $112.7/barrel a quarter earlier, but would have been up 36% year-on-year, specified HCP.
HCP said the price of natural gas in Europe, supported by concerns about supply difficulties, have been 60/mmbtu, up from $17/mmbtu recorded a year earlier.
Agricultural commodity prices have eased slightly, rising by 8.5%, after +21.4% recorded in the second quarter of 2022, according to the same source.
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