HCP: Moroccan development of two.5% in Q1-2024

The Excessive Fee for Planning (HCP) revealed the nationwide accounts report for the primary quarter of 2024, revealing development within the nationwide financial system of two.5%, down from 3.9% in the identical quarter. of the earlier yr. This slowdown, though notable, takes place in a context of controlling inflation and enhancing the financing capability of the nationwide financial system.

Development pushed by home demand

Financial development in Q1-2024 was primarily supported by sturdy home demand, posting a rise of three.6% in comparison with solely 0.3% in the identical quarter of the earlier yr. This demand contributed 3.7 share factors to nationwide financial development, in comparison with 0.3 share factors a yr earlier. Family last consumption expenditure elevated by 3%, contributing 1.9 share factors to development, whereas common authorities last consumption slowed to three.9%.

Non-agricultural actions grew by 3.2%, regardless of a 5% decline within the agricultural sector. The first sector noticed its worth added fall by 4.3%, primarily as a result of a 5% contraction in agriculture, though fishing recorded a ten% enhance.

The secondary sector confirmed resilience with a rise of three.6% in its added worth, opposite to the drop of 0.4% recorded the earlier yr. This efficiency was pushed by a restoration within the extraction industries (+17.7%), electrical energy, fuel and water (+3%), and building and public works (+2.5%).

International commerce in items and companies contributed negatively to development, with a rise in imports of 9.5% and exports of seven.3%. Gross funding elevated by 4.6%, contributing positively to development by 1 level, contrasting with the destructive contribution of 1.2 factors noticed a yr earlier.

Nationwide financial savings accounted for twenty-four.3% of GDP in Q1-2024, down from 25.6% the earlier yr. This improvement is defined by a 4.5% enhance in nationwide last consumption. Gross funding represented 23.7% of GDP, offering a financing capability of 0.6% of GDP.

In conclusion, regardless of a slowdown in financial development within the first quarter of 2024, Morocco has maintained monetary stability with managed inflation and an enchancment in its financing capability, pushed by strong home demand and diverse sectoral performances.

LNT