Morocco’s economy in 2023 rose by 3.4%, compared with 1.5% the previous year, as non-agricultural activities posted a volume increase of 3.5%, while agricultural activities grew by 1.4%, said Morocco’s Statistics and Forecasts Office (HCP) latest report.
This increase was driven primarily by domestic demand and occurred against rising inflation and reduced financing requirements for the national economy.
Value added in the primary sector rose by 1.6% in volume in 2023, following a sharp 11.8% decline the previous year. This was due to an increase in agricultural activity of 1.4%, compared with a fall of 11.3% a year earlier, and fishing activity was up 7%, compared with a substantial drop of 20.8%.
Value added in the secondary sector increased by 1.3%, compared with a 2.7% fall the previous year, as a result of higher value added in manufacturing (2.7%), electricity, gas, water, sanitation, and waste (0.7%), and lower value added in mining (2.7%) and construction (0.4%).
Value added in the third sector reduced from 6.8% in 2022 to 4.4%. This was marked by a slow in accommodation and catering (23.5%), research and development and business services (5.1%), financial services and insurance (5%), information and communication (3.5%), education, health and social services (3.4%), and general public administration and social security (2.2%).
Third sector was impacted by accelerating growth in transport and warehousing (5.9%), real estate services (3%), and vehicle trade and repair (1.5%).