Morocco’s economy is experiencing a slight slowdown, with recent statistics showing a growth rate of 2.4% in the second quarter of 2024. This marks a small dip from the 2.5% growth seen during the same timeframe last year.
The downturn is largely attributed to challenges in the primary sector, specifically driven by a decrease in agricultural and fishing activities. While non-agricultural sectors saw a solid growth rate of 3.2%, the agricultural sector faced a significant contraction of 4.5%. As a result, the contribution of the primary sector to the economy fell by 5%, contrasting sharply with the 1.2% increase reported a year earlier.
Despite this setback, both the secondary and tertiary sectors have shown resilience and growth. The secondary sector, which focuses on transforming raw materials into finished products, saw an impressive increase of 3.8%, recovering from a decline of 2.4% in the previous year. Growth in this sector has been fueled by advancements in industries such as manufacturing, construction, and mining.
The tertiary sector, responsible for providing services to both individuals and businesses, also maintained positive growth, albeit at a reduced rate of 3.1% compared to 5% in 2023. Certain service industries like hotels, restaurants, and transportation experienced slower growth, while other areas, including public administration and trade, reported improvements.
Overall, the economy’s real GDP growth slightly decreased to 2.4%, influenced in part by increased taxes on net output subsidies. However, nominal GDP expanded at a quicker rate of 3.6%, accompanying a notable drop in the inflation rate, which now stands at 1.2%.
