Morocco’s economy has shown signs of recovery, with the creation of 213,000 new jobs during the third quarter of 2024, according to a recent report by the High Planning Commission (HCP).
This is a significant turnaround from 2023, when the country lost 297,000 jobs. The majority of new jobs (231,000) were created in urban areas, while rural areas experienced a net loss of 17,000 positions.
This positive trend is due to an increase of 262,000 formal jobs, offset by a decline of 49,000 informal jobs.
The services sector is the largest job creator, accounting for 258,000 new positions. The construction and public works sector followed closely with 57,000 new jobs, and the industrial sector added 23,000.
However, the agriculture, forestry, and fishing sectors experienced a loss of 124,000 jobs. Despite the overall job creation, the number of unemployed individuals increased by 58,000, bringing the total to 1,683,000.
The national unemployment rate rose from 13.5% to 13.6%. Youth unemployment remains a pressing issue, with individuals aged 15-24 facing an unemployment rate of 39.5%.
Women and those with higher education also experienced higher unemployment rates at 20.8% and 19.8%, respectively.
The HCP report noted an increase of 60,000 underemployed individuals, bringing the total to 1,066,000. This resulted in a rise in the underemployment rate from 9.6% to 10%.
While the data indicates a positive trend in job creation, challenges persist, including high youth unemployment, regional disparities, and the informal sector.
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