According to the latest report from the High Commission for Planning (HCP), the Moroccan economy recorded a slight acceleration in the third quarter of 2024, with growth of 2.8%, compared to an average of 2.4% in the first half of the year. ‘year. This increase is mainly due to the increase in domestic demand and an improvement in exports, despite a slowdown in the agriculture and fishing sectors.
Dynamic growth outside agriculture
The HCP report highlights that growth excluding agriculture reached 3.6% year-on-year. The industrial branches particularly contributed to this dynamic, with an increase of 4.4%. The extractive industries stood out with an increase of 15.4%, driven by the growing demand for raw products and local processing.
Phosphate exports, supported by the withdrawal of Chinese supply and the entry into production of new capacities in the field of derived phosphates, experienced a significant increase, with production up 18.9%.
Manufacturing industries also posted solid performances, particularly in the textile and agri-food sectors, whose exports experienced a recovery. The chemical sector continued to grow, with an increase of 9.7%, while the manufacturing of electrical and transport equipment showed signs of slowing down in the European market.
Services and agriculture: contrasts
The HCP report highlights a slowdown in services, with growth of 3.4% compared to 5.8% observed between 2022 and 2023. Although the tourism and transport sectors have maintained good performance, others Services such as trade and financial services faced more subdued demand.
In the agricultural sector, value added fell by 4.1% in the third quarter, a result of unfavorable weather conditions, although some market garden crops showed signs of recovery.
Inflation picked up slightly in the third quarter of 2024, reaching 1.2% compared to 0.8% in the previous quarter, due to rising food prices. However, this increase was partially offset by a fall in the prices of non-food products, notably energy.
Outlook for the fourth quarter
The HCP forecasts growth of 2.5% for the last quarter of 2024. The moderate evolution of domestic demand and the uncertainties linked to exports, particularly to Europe and China, could slow down the pace of growth, although the Household consumption remains a main driver of the economy.
In short, the Moroccan economy was able to maintain a growth trajectory in the third quarter of 2024, despite challenges in certain sectors, and could continue this momentum in the fourth quarter, according to the HCP outlook.
LNT
#Economic #growth #reaches #driven #domestic #demand
– 2024-10-08 16:13:12
