Morocco’s Growth Rate Down To 1.6% in Q3 2022

Morocco’s High Commission for Planning (HCP) said national economy’s growth rate fell from 8.7% in third quarter of 2021 to 1.6% in 2022.
In quarter three of 2022, the non-agricultural activities increased by 3.6% while the agricultural sector’s activities decreased by 15.1% year on year.
The growth was driven by domestic demand, amid a sharp inflation and increased financing needs of the national economy.
The slowdown in economic growth is manifested in the decrease of the primary sector’s value added in volume by 16.2% in the third quarter of 2022, following an increase of 14.3% last year. This was due to the fall in value added of agriculture by 15.1% instead of a rise of 16.6% and in fisheries by 33.2% instead of a decrease of 20.1%.
The value added of the secondary sector’s growth rate fell from 5.1% to 0.4%.
The value added of the tertiary sector has witnessed a downturn in growth rate from 8.9% to 5.7%.
Domestic demand dropped from 8% to 4.3%, contributing 4.7 points to national economic growth instead of 8.7 points.
In the foreign trade of goods and services, both exports and imports recorded strong increases in the third quarter of 2022. Imports of goods and services rose by 25.8% instead of 15.1%, with a negative growth contribution of 11.1 points instead of a negative contribution of 5.7 points last year. Exports rose by 23.2% instead of 19.5%, with a growth contribution of 7.9 points instead of 5.7 points.