Morocco’s Economic Growth Slows to 0.3% Amid Inflation and Agricultural Decline

This braking observed across all sectors is attributable to the sharp drop in consumption, penalized by the surge in inflation against the backdrop of the war in Ukraine, notes the recent economic outlook note from the HCP, specifying that non-agricultural activities recorded an increase of 2.5% and those of the agricultural sector a decrease of 14.3%.

More specifically, the primary sector experienced a 13.9% decline in the first quarter of the year, after recording an increase of 18.7% a year earlier. Agriculture recorded a 14.3% decline instead of a 19.4% increase, while the decline in the fishing sector reached 7.3% instead of a 4.5% increase.

As for the secondary sector, it also recorded a 0.9% decline at the end of March instead of a 1.1% increase in the same quarter of the previous year. Finally, the value added of the tertiary sector showed an increase of 4.4% in the first quarter of 2022 after a 0.8% decline during the same period of the previous year.