Morocco announces economic growth of 2.3% in second quarter

In Morocco, the national accounts report indicates growth in the Moroccan economy of 2.3% in the second quarter of 2023.

Non-agricultural activities demonstrated an upsurge in volume of 2.1% and those of the agricultural sector an increase of 6.3%.

According to the High Planning Commission (HCP), growth was supported by agricultural activity. After a sharp decline of 13.5% during the second quarter of 2022, the added value of the primary sector in volume, altered for seasonal variations, raised by 6% during the same period in 2023. This development can be clarified by the increase in agricultural activity of 6.3% instead of a drop of 13.5% a year earlier and that of fishing by 0.5% instead of a drop of 14, 6%.

Likewise driven by external demand, the growth of the Moroccan economy was achieved in the context of high inflation and an improvement in the financing capacity of the economy.