Morocco’s GDP Growth Slows to 2.5% as Agriculture Sector Declines

The Moroccan economic situation is declining. "National growth is driven by the secondary and tertiary sectors, that is to say the non-agricultural sector, which is experiencing an increase of 3.3%," the HCP Information Note states.

As a result, Moroccan GDP recorded a growth rate of 2.5% this year, compared to 2.6% in the second quarter of 2018.

Agricultural sector activities experienced a 2.8% decline. In 2018, it had observed a 4.5% increase. As for fishing, it increased by 5.1% last year, instead of a 16.3% decline, for the year 2019.

The value added of the secondary sector increased by 3.6% compared to 2% during the second quarter of the previous year. In the tertiary sector, value added increased by 3% instead of 2.6% in the same quarter of 2018.

Regarding inflation, "at current prices, GDP experienced a 3.4% increase instead of 3.6% a year earlier, thus generating a 0.9% increase in the general price level instead of 1%".

Furthermore, the decline in the growth of foreign trade is also behind the slowdown in Moroccan GDP. "Foreign trade in goods and services generated a negative contribution to growth, standing at -0.9 point instead of 0.04 point, in the same quarter of the previous year," the HCP Note specifies.