The results of the 2024 national accounts indicate that Morocco’s economic growth improved to 3.8% compared to 3.7% in 2023, driven by domestic demand, as well as the performance of the extractive industries and the construction and public works sector.
The High Commission for Planning noted in a recent economic situation report that “non-agricultural activities recorded an increase of 4.5%, while agricultural activities experienced a decline of 4.8%.” It emphasized that this economic growth was “driven by domestic demand” and occurred “in a context characterized by a significant increase in inflation and a growing need for financing the national economy.”
In detail, the added value of the primary sector (agriculture) saw a “decline of 4.5%, following an increase of 1.8% last year,” according to the High Commission, which attributed this primarily to a decrease in agricultural sector activities by 4.8% after a rise of 1.5% in 2023 and a slowdown in fishing activities, which fell from 6.9% to 2.6%.
Notably, the added value of the secondary sector (industry) rose from 0.8% to 4.2%, attributed to increases in added value from “extractive industries by 13% instead of a decline of 4.2%,” and “construction and public works by 5% instead of 0.3%,” along with an increase in “manufacturing industries by 3.3% instead of 3.1%,” and the “electricity and water sector by 2.6% instead of a decrease of 10.6%.”
Moreover, the growth rate of the added value of the tertiary sector (trade and services) slowed down from 5% in 2023 to 4.6% at the end of last year, marked – according to the HCP – by a decrease in activities in “hotels and restaurants” to 9.6% compared to 23.5%, and “research and development and services provided to businesses” to 4.2% down from 6.8%, as well as “media and communication” to 3% from 5.2%.
The official statistical agency observed, in this context, an improvement in “transport and storage” activities to 7.4% up from 6.8%, and “financial services and insurance” to 7.3% from 5.2%; in addition to “trade and vehicle repair” at 4.1% compared to 3%, along with improvements in “education, health, and social work services” to 6.6% compared to 4.6%; as well as “services provided by public administrations and social security” to 4.1% from 2.1%.
Overall, it summarized that “the added value of non-agricultural activities improved in its growth rate from 3.7% in 2023 to 4.5% in 2024. In these circumstances, considering the increase in the “tax on products net of subsidies in volume” by 7.5%, the GDP at constant prices recorded an increase of 3.8% in 2024 compared to 3.7% the previous year.
One of the notable indicators, according to Hespress’ analysis of the “national accounts results,” is the increase in the national savings rate, which stabilized at 28.9% of GDP in 2024 compared to 28% the previous year.
The High Commission’s note explained that “this development takes into account the increase in the growth rate of national final consumption by 6.3% compared to 8.6% recorded the previous year.” It added: “With GDP rising by 7.9% instead of 11% during the previous year, and a rise in net income from the rest of the world by 4.9% instead of 1.2%, the growth of ‘total available national income’ slowed down by about 7.7% in 2024.”
With total investment recorded at 30.1% of GDP, the planning agency drew attention to “the increasing need for financing the national economy to 1.2% in 2024,” after being at only 1% previously.
The accounts confirmed an overall increase in the general price level in Morocco in 2024, noting that “at current prices,” GDP increased by 7.9% in 2024 compared to 11% in 2023, resulting in an increase in the general price level of 4.1%, according to official data.
Conversely, the national statistics agency observed a “continuation of the improvement in domestic demand,” stating that it “increased by 5.8% in 2024 compared to 4.9% in 2023, contributing positively to national economic growth by 6.3 points instead of 5.4 points the previous year.”
Thus, final consumption expenditures by households and non-profit institutions rose by 3.4% compared to 4.8%, contributing to economic growth by 2.1 points instead of 3 points.
In turn, the overall investment formation (total fixed capital formation, changes in inventories, and net acquisitions of valuables) experienced a growth rate of 10.9% instead of 4.3% in 2023, contributing to growth by 3.2 points instead of 1.3 points.
Final consumption expenditures of public administrations also recorded a growth rate of 5.6% compared to 6.1%, with a positive contribution to growth of one point instead of 1.2 points last year.
Regarding external trade, imports increased by 11.6% compared to 9.5%, with a negative contribution to growth of 5.9 points instead of a negative contribution of 5.3 points the previous year.
Exports of goods and services also saw an “increase” of 8% compared to 7.9%, contributing to growth by 3.4 points; this represents a slight decrease of 0.1 points compared to 2023.
In conclusion, external trade in goods and services made a negative contribution to growth of 2.5 points instead of a negative contribution of 1.8 points the previous year.
