Morocco’s economic growth improves to 4.1% in 4th quarter of 2023

RABAT - The national accounts for the fourth quarter of 2023 show an improvement in national economic growth, which stood at 4.1% instead of 0.7% during the same period in 2022, according to the High Commission for Planning (HCP).

Driven by domestic demand, this growth was achieved against a backdrop of controlled inflation and an increase in the national economy's financing requirements, the HCP noted in an information note on the national economic situation in Q4-2023. Non-agricultural activities grew by 4.1% in volume terms, and agricultural activities by 5.8%.

In detail, value added in the primary sector grew by 4.6% in the 4th quarter of 2023, said the same source, explaining this progress 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 improvements in value added in the mining industry (16.4%), manufacturing (8%), construction (2.4%) and electricity, gas, water, sewerage and waste (4.2%).

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