Increase in National Savings and Expansion of Investment in Morocco During 2024
The High Commission for Planning has revealed in its memorandum on the national accounts for institutional sectors for the year 2024 a remarkable improvement in national savings indicators and investment dynamics, alongside a relative increase in the national economy’s financing needs during the same year.
The value of national savings rose to 461.7 billion dirhams in 2024, representing a growth rate of 11.6% compared to 2023. Financial and non-financial companies maintained their position as the largest contributors to this savings, accounting for 60.3%, followed by households and non-profit institutions at 26.8%, while public administrations contributed 12.9%.
The Commission recorded a strong increase in total fixed capital formation, amounting to 422.5 billion dirhams in 2024, reflecting a significant growth of 13.9%. This performance is primarily attributed to a surge in corporate investments by 19.9%, alongside a 7.9% rise in investments from households and non-profit civil society institutions, coupled with a 3.2% increase in public administration investments.
Companies accounted for 59.2% of the total national investment, followed by households and non-profit institutions at 26.1%, and public administrations at 14.7%.
Regarding financing, the total funding needs of the national economy in 2024 rose to approximately 18.5 billion dirhams, equivalent to 1.2% of the gross domestic product, compared to 0.9% in 2023. This development is primarily due to non-financial companies shifting from a financing surplus of 11.9 billion dirhams in 2023 to a financing need of 8.2 billion dirhams in 2024, alongside an increase in financial companies’ financing requirements to 9 billion dirhams. Conversely, the financing need of public administrations decreased by 12.2 billion dirhams, while the financing capacity among households and non-profit institutions improved by 10.9 billion dirhams.
These indicators, according to the Commission’s analysis, highlight that 2024 witnessed significant investment momentum and a clear improvement in the pace of national savings, alongside greater pressure on financing balances, especially for companies, reflecting the growing stakes in financing economic growth and expanding production capacities.
