National savings in Morocco surged to 28.3% of the Gross Domestic Product (GDP), in the third quarter of this year, marking a significant increase from 27.4% compared to the same period last year, according to Morocco’s Statistics and Forecasts Office (HCP) quarterly briefing note on the national economic situation.
The surge is attributed to a 5.1% reduction in final national consumption, contrasting with the 7.7% growth observed in the prior year.
Despite a 7.6% rise in GDP at current prices and a 6.5% decline in net income from the rest of the world, the available gross national income expanded by 6.6% in Q3 2023, slightly surpassing the 6.5% growth recorded in the same quarter of the previous year.
Gross investment, which includes gross fixed capital formation, stock variation, and net acquisition of assets, accounted for 30.7% of GDP, a minor reduction from 30.8% in the previous year’s quarter.
The national economy’s financing needs fell from 3.4% of GDP in Q3 2022 to 2.4% of GDP in Q3 2023.
In regard to the volume of foreign trade in goods and services, both exports and imports experienced a slowing in growth rates during the third quarter of 2023.
Imports reached 9.3% in 2023, compared to 11.7% in the same period last year, reducing growth by 5.5 points, up from 5.1 points.
Exports fell from 23.7% to 8.1%, adding 3.9 points to growth vs 8.2 points in the same period the previous year. As a result, foreign trade had a negative influence on growth, contributing -.6 points in Q3 2023, compared to 3.1 points in the same period last year, according to the HCP.