Morocco’s Economy Grows 1.2% in Q1 2022, Despite Agricultural Decline

This progress was driven by the secondary and tertiary sectors, as well as a 3.3% increase in value added excluding agriculture, the HCP notes in its recent economic note, specifying that agricultural activities experienced a 12.1% decline.

Meanwhile, consumer prices have evolved at a rate never reached since 2008, showing an increase of 3.6%, instead of 0.1% over the same period in 2021, due to the rise in food prices, while non-food inflation rose by 2.6%, it noted.

As for exports, their volume recorded a growth of 5.6% during the same period, mainly due to phosphates and its derivatives, the aeronautics industry and the textile sector, while imports showed an increase of 37%, instead of 2.6% over the same period in 2021.

Furthermore, the growth of the national economy would stand at 1.8% in the second quarter of this year, instead of 15.2% in the same quarter of 2021, the HCP forecasts, predicting a sharp 12.9% drop in agricultural value added, while domestic demand will experience a slight acceleration of 3.1%, year-on-year, instead of 20.7% over the same period last year.