Morocco’s Economy Grew by 7.8% in the 3rd Quarter of 2021

Rabat – Morocco’s national economy saw a growth of 7.8% in the third quarter of 2021, as opposed to a drop of 6.7% during the same period in 2020, according to the High Commission for Planning (HCP).

A new reportfrom HCP showed that the growth in the country’s economy was largely due to increased agricultural production of 17.7% and non-agricultural production of 6.4%.

Driven by domestic demand, the report noted that the growth occurred amid controlled inflation and a relative decline in the financing situation of the national economy.

The primary sector’s added value recorded an increase of 14.8% during the third quarter of this year compared to a decline of 8.2% in the same period last year.

“This result is attributable to the 17.7% increase in agricultural activity instead of a 10.3% decrease a year earlier as well as the decline of fishing by 16.7% instead of a 17.3% increase,” the HCP added.

The added value of the secondary sector saw an increase of 6.9% after a drop of 2.7% in the third quarter of the previous year.

The positive indicator is the result of the added value of building and public works by 17.6%, the extractive industry by 5.6%, processing industries by 4%, and electricity and water by 3.8%.

Meanwhile, the added value of the tertiary sector increased by 6.6% after falling by 7.9% in the same quarter of 2020.

The report noted that the positive data is due to the increase of 70.2% recorded in the hotel and restaurants sector instead of a sharp decline of 65.8% during the same period last year.

The improvement is also attributed to the increase in transport activities by 13.7%, and trade with 12%.

The increase is due to the good indicators recorded in services provided by the General Public Administration and Social Security (5.2%), services provided to households and businesses (4.5%), and financial services and insurance (0.1%).

HCP concluded its recent economic assessment, emphasizing that Morocco’s GDP recorded a growth of 7.8% during the third quarter of 2021, as opposed to a 6.7% recession a year earlier.

source: mwn