Morocco’s economic growth rate has slightly slowed down in the second quarter of 2024, according to the latest data released by the High Commission for Planning.
The national economy expanded by 2.4%, a marginal decrease compared to the 2.5% growth recorded during the same period in 2023.
The report attributes this slowdown to a contraction in the primary sector primarily due to a decline in agricultural and fishing activities.
The data reveals that while non-agricultural activities expanded by 3.2%, the agricultural sector contracted by 4.5%.
The value added by the primary sector shrank by 5% in Q2 2024, compared to a 1.2% increase in the same period in 2023.
However, the secondary and tertiary sectors continued to show growth, driven by improvements in manufacturing, construction, and certain service industries.
The secondary sector, which involves the processing of raw materials into finished goods, contributed to overall economic growth. Industries such as manufacturing, construction, and mining saw improvements during the quarter.
The value added by the secondary sector grew by 3.8%, reversing the 2.4% decline seen in Q2 2023. This was primarily due to improvements in extractive industries, construction, and manufacturing.
The growth of the tertiary sector, which provides services to individuals and businesses, eased to 3.1% from 5% in 2023. While some service industries like hotels, restaurants, and transportation experienced slower growth, others, such as public administration and trade, showed improvement.
According to the report, the economy faced a slight slowdown in real GDP growth to 2.4% due to higher taxes on net output subsidies.
However, nominal GDP grew at a faster pace of 3.6%, contributing to a notable decrease in the inflation rate to 1.2%.
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