Morocco is seeing an increase in national economic growth, which showed a 3.5% uptick in 2023, compared to only a 0.5% differential in Q1 2022, said the Statistics and Forecasts Office (HCP) in a release published Monday.
Non-agricultural activities increased by 3.2% in volume, while agricultural activities increased by 6.9%, added the same source.
While the booming economy is welcome news, rising prices offset any real benefits to consumers, particularly with respect to the agricultural sector.
This increase, which was fueled by increased foreign demand and higher government spending, occurred against a backdrop of inflation.
Seasonally adjusted value added into the primary sector increased by 6.6% in volume in 2023’s Q1, after falling by 11.3% y-o-y.
This was attributed to a 6.9% gain in agricultural activity, falling short of a forecasted 12.2% surge, and only a 0.3% increase in fishing growth compared to a previously anticipated 3.3% upturn.