Morocco’s economy has improved in the fourth quarter of 2023, with Gross Domestic Product (GDP) growth reaching 4.1%, a report by the High Commission of Planning showed today.
This is a sharp jump compared to just 0.7% growth in the same period of 2022, with the key driver behind the positive change being a surge in domestic demand, which rose by 8.1%.
Looking deeper, the growth was spread across various sectors. The agricultural sector performed well, with a 5.8% increase despite a decline in fishing activity.
Non-agricultural activities also saw a strong rise of 4.1%, with particularly significant growth in manufacturing (8%) and industries like mining and quarrying (16.4%).
However, the growth rate in the service sector slowed to 2.8%, compared to 5.1% the previous year. Nevertheless, there were positive developments within services, with areas like transportation and storage improving.
Investment also played a crucial role in the economic boost, as gross fixed capital formation, changes in inventory, and net acquisition of valuables—all factors contributing to investment—saw a remarkable increase of 19.6%.
The report showed that household spending rose by 3%, government spending increased by 4.6%, and growth in imports (13.3%) significantly outpaced the increase in exports (6.4%).
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