Morocco’s national economy experienced a growth rate of 2.4% in the second quarter of 2024, slightly below the previous year’s forecast of 2.5%. This slowdown was primarily attributed to a significant downturn in the agricultural sector, although robust domestic demand and industrial performance provided some offset.<\/p>\n
Key points include:<\/p>\n
– Non-agricultural sectors showed resilience, expanding by 3.2% year-over-year, largely due to notable growth in construction and extractive industries.
\n– The agricultural sector faced a 4.5% contraction, worsened by a 14.7% drop in fishing, which negatively impacted overall economic growth.
\n– Despite challenges, Morocco’s economy is balancing strong internal consumption with sluggish export performance and an increasing trade deficit.
\n– The primary sector\u2014which includes agriculture, fishing, forestry, and mining\u2014declined by 5%. In contrast, the secondary sector, encompassing manufacturing and construction, rebounded with a growth of 3.8%, improving from a 2.4% contraction the previous year.
\n– The extractive industry surged by an impressive 23.6%, marking a significant recovery from a 9.6% decline last year, driven by rising commodity prices and global demand.
\n– Construction also saw a healthy increase of 3.6%, bouncing back from a year of losses, while manufacturing industries grew by 2.9%.
\n– However, the utilities sector faced challenges, with value-added declining by 6.3%, reversing last year’s slight gain.
\n– Growth in the tertiary sector, which includes services, slowed to 3.1%, down from 5% in the same period last year, with hospitality and food services seeing a notable slowdown, expanding by just 9.3% compared to 32.8% growth the prior year.
\n– Transportation and warehousing experienced reduced growth as well, slowing to 5.1% from 6.9% last year, while financial services and insurance showed mere growth of 0.9%, down from 3.1% in 2023.
\n– On a more positive note, the public administration sector and vehicle trade contributed positively to the economy, posting growth of 3.6% and 1.9%, respectively. <\/p>\n
In summary, while Morocco’s economy faces headwinds from the agricultural sector, non-agricultural growth continues to provide a degree of stability, highlighting the complexities of the current economic landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"
Morocco’s national economy experienced a growth rate of 2.4% in the second quarter of 2024, slightly below the previous year’s forecast of 2.5%. This slowdown was primarily attributed to a significant downturn in the agricultural sector, although robust domestic demand and industrial performance provided some offset. Key points include: – Non-agricultural sectors showed resilience, expanding […]<\/p>\n","protected":false},"author":5,"featured_media":3640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[13],"tags":[1162,1866,1814,1869,143,57,1867,58,1868,256,1870],"class_list":["post-3639","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-agricultural","tag-agriculture-growth","tag-decelerated","tag-decline","tag-due","tag-economic","tag-economic-growth","tag-growth","tag-largely","tag-moroccos","tag-performance"],"_links":{"self":[{"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/posts\/3639","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/comments?post=3639"}],"version-history":[{"count":1,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/posts\/3639\/revisions"}],"predecessor-version":[{"id":3641,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/posts\/3639\/revisions\/3641"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/media\/3640"}],"wp:attachment":[{"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/media?parent=3639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/categories?post=3639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alfanouscar.com\/blog\/wp-json\/wp\/v2\/tags?post=3639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}