Morocco: economic growth of 7.8% in the 3rd quarter

The closing of the national accounts shows a growth of the national economy at 7.8% in the third quarter (Q3) 2021, instead of a decrease of 6.7% during the same quarter of the previous year, indicates the High Commission for Planning (HCP).

This rebound is the result of a sharp increase of 17.7% in agricultural activity and 6.4% in non-agricultural activities, explains the HCP which has just published a briefing note on the national economic situation during from Q3-2021.

Driven by domestic demand, this growth was achieved in the context of a rise in inflation and a relative fall in the financing needs of the national economy, notes the same source.

At retail, the HCP reports that the value added in volume of the primary sector, adjusted for seasonal variations, recorded an increase of 14.8% in Q3-2021 instead of an 8.2% decrease achieved during the same period. period in 2020. This result is attributable to the 17.7% increase in agricultural activity instead of a 10.3% decrease a year earlier and a 16.7% decrease in that of fishing instead of an increase of 17.3%.

The added value of the secondary sector, for its part, increased by 6.9% after a decline of 2.7% during the third quarter of the previous year. This results from the improvement in added values ​​of building and public works by 17.6% instead of a decrease of 6.7%, of the mining industry by 5.6% instead of 4.2% , processing industries by 4% instead of a decline of 3.1% and electricity and water by 3.8% instead of 1.6%.

For its part, the added value of the tertiary sector posted an increase of 6.6% after having fallen by 7.9% in the same quarter of 2020. It was marked by the increase in the activities of hotels and restaurants, with 70.2% instead of a sharp drop of 65.8%, of transport, with 13.7% instead of a sharp drop of 36.3%, of trade, with 12% instead of a decline of 10.7%.

It was also marked by the increase in services provided by the general public administration and social security, with 5.2% instead of 2.8%, services provided to households and businesses, with 4.5% in instead of a drop of 2.5%, financial services and insurance, with 0.1% instead of a drop of 1.2% and education, health and social action services , with 2.8% instead of 3.4%.

Under these conditions, and taking into account the 7.7% increase in taxes on products net of subsidies, the Gross Domestic Product (GDP) in volume recorded a rebound of 7.8% during the third quarter of 2021 instead of ‘a 6.7% recession a year ago, the same source concludes.

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