In an informative note shared today, the High Commission for Planning (HCP) revealed that national economic growth has demonstrated significant growth despite the high levels of inflation that the world is witnessing.
The commission’s note stated that Morocco’s economic growth now stands at 3.5% instead of 0.5% during the same period in 2022, with non-agricultural activities showing an increase in the volume of 3.2% and the agricultural sector demonstrating an increase of 6.9%.
“Driven by external demand, this growth was achieved in a context of high inflation and an improvement in the financing capacity of the national economy,” said HCP.
Many sectors experienced an increase of 5.4% instead of 4.6% witnessed in the same quarter of 2022, marked by an improvement in hotel and restaurant activities, with 53.9% instead of 31.6 %, in transport activities with 7.1% instead of 2.3%.
Financial services and insurance also rose by 5.4% compared to a previous 4.5%, and services provided by general public administrations and social security went up by 4.6% instead of 4.5%.
These significant changes occurred despite a decrease in the values of certain activities, such as education, health, and social actions services which stands at 4.5% instead of 5.9%.
Research and development and business services went down to 2.1% instead of a previously registered 4%, trade and repairing vehicles at 1.5% instead of 2.5%, and finally, posts and telecommunications are now at 0.9% instead of 3.8%.
HCP’s data showed a rise in the general price level, a certain stability of domestic demand in 2023 instead of a 1.7% drop in the same period of 2022, and a positive contribution from foreign trade, as well as an overall improvement of the financing capacity of the national economy.
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