Morocco’s national economic growth dropped to 1.3% in 2022 from the year before, according to the most recent HCP report on the national accounts for 2022.
The national economic growth for 2022 was boosted thanks to trade and rising inflation, and positive revenues for Morocco’s exports.
Economic development has significantly slowed throughout a wide range of economic sectors, including agriculture, industry, commerce and services, according to the HCP report.
The primary sector’s value contribution was 12.7%, down from the previous year’s value addition of 19%.
The added value of agriculture decreased by 12.9% instead of 19.5% in 2021, and the added value of fishing decreased by 9.7% instead of 9.9%.
The industrial sector’s growth rate dropped from 7.1% in 2021 to 1.7% in 2022, due to declines in the added values of the extraction industry (9.4%), building and public works (3.6%), electricity, gas, water, sanitation and waste (3.2%), and manufacturing sectors (0.3%).
Public administration and social security services (4.2%), transportation and storage (3.8%), real estate services (1.4%), and vehicle trade and repair (0.4%) all experienced declines in 2022, slowing the tertiary sector’s growth rate from 5.8% the year before to 5.4%.
In contrast to these declines, the added value of lodging and catering increased by 53.7% in 2022 as opposed to 15.4% in 2021; the added value of education, health, and social action services increased by 5.5% as opposed to 3.6%; financial services and insurance increased by 7.0% as opposed to 4.8%; and the added value of information and communication increased by 2.6% as opposed to 1.5%.
Local demand decreased by 1.5% in 2022 as opposed to by 8.9% in 2021, which helped to lower national economic growth.
Through an increase in exports (20.4%) and imports (9%), international trade in commodities and services favorably impacted the pace of economic growth.
The financing demand increased to 3.5% in 2022 from 2.3% in 2021, due to a decline in gross national disposable income from 11.5% in 2021 to 5.4% in 2022, standing at MAD 1,436 billio.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.