Domestic demand experienced a notable acceleration in growth, rising by 6.3% in the third quarter of 2024 compared to 4.2% during the same period in 2023, according to the High Commission for Planning (HCP).
This surge in demand contributed 6.9 points to national economic growth, the HCP detailed in its report on Morocco’s Q3 2024 economic performance.
Gross investment (including gross fixed capital formation, changes in inventories, and net acquisitions of valuables) recorded a significant rebound, with its growth rate climbing from -3.5% in Q3 2023 to 13.5%. This contributed 3.7 points to economic growth, in contrast to a negative contribution of -1.2 points a year earlier.
Household final consumption expenditure rose by 3.9%, down from 8.1% in the same period of 2023, contributing 2.4 points to growth. Similarly, public administration final consumption grew by 3.8%, marginally lower than the 3.9% recorded a year earlier, contributing 0.7 points to economic growth.
In the external trade sector, imports of goods and services increased by 12.9%, compared to 8.6% in Q3 2023, resulting in a negative contribution to economic growth of -6.9 points, compared to -5 points previously. Exports, meanwhile, rose by 9.8%, up from 7.2% in the same quarter of 2023, contributing 4.4 points to economic growth compared to 3.4 points a year ago.
As a result, net foreign trade in goods and services contributed negatively to economic growth in Q3 2024, with a negative impact of -2.5 points compared to -1.6 points in the corresponding period of the previous year.
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