Morocco’s Economy Surges: 4.1% Growth in Q4 2023, Agriculture and Industry Lead Expansion

This growth was driven by a 4.1% increase in non-agricultural activities and a 5.8% increase in the agricultural sector, the HCP indicates in an information note on the national economic situation in the 4th quarter of 2023. The primary sector recorded a 4.6% increase in the last quarter of 2023, with a 5.8% increase in agricultural activities and a 14.9% increase in fishing activities, the institution specifies.

As for the secondary sector, it recorded an increase of 7.4% during the period, thanks to a 16.4% increase in mining industry activities, 8% in manufacturing industries, 2.4% in construction and public works, and 4.2% in electricity, gas, water, sanitation and waste.

On the other hand, the activities of the tertiary sector recorded a decline, from 5.1% in the fourth quarter of 2022 to 2.8% in 2023. This trend is due to the decline in accommodation and food service activities (6.9%), research and development and business services (3.7%), financial and insurance services (3.6%), services provided by the general public administration and social security (2.5%), education, health and social work services (1.8%).

The decline in tertiary sector activities is also explained by the improvement in transportation and storage activities (3.7%), real estate services (2.4%), trade and vehicle repair (2%) and information and communication (2%). Gross domestic product (GDP) recorded an increase of 6.7% in the last quarter of 2023, with a general price decline of 2.6%.