Morocco's Q4 2023 economy grows by 4.1%

The national accounts for the fourth quarter of 2023 show an improvement in national economic growth to 4.1%, compared with 0.7% for the same period in 2022, according to the Haut-Commissariat au Plan (HCP).

Driven by domestic demand, this growth was achieved against a backdrop of controlled inflation and an increase in the national economy's need for financing, HCP points out in an a note on the situation in Q4-2023, specifying that non-agricultural activities grew, in volume terms, by 4.1% and agricultural activities by 5.8%.

In detail, value added in the primary sector grew by 4.6% in Q4 2023, the same source noted, explaining this evolution by the 5.8% rise in agricultural activity and the 14.9% fall in fishing activity.

Seasonally-adjusted value added in the secondary sector rose by 7.4% in volume terms in Q4 2023, following a 16.4% increase in value added in the mining industry, 8% in manufacturing, 2.4% in construction and public works, and 4.2% in electricity, gas, water, sewerage and waste.

Value added in the tertiary sector slowed to 2.8%, down from 5.1% in the same quarter of the previous year.

This was marked by a decline in accommodation and catering (6.9%), research and development and business services (3.7%), financial services and insurance (3.6%), general public administration and social security (2.5%), education, health and social services (1.8%), as well as an improvement in transport and warehousing (3.7%), real estate services (2.4%), trade and vehicle repair (2%) and information and communication (2%).

At current prices, gross domestic product (GDP) rose by 6.7% in Q4-2023, with the general price level slowing to 2.6%.