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Economic growth in Morocco: the latest figures from the HCP

National economic growth was 2.9% in the fourth quarter of 2018 instead of 4.4% in the same period one year ago, according to the High Commissioner’s Office (HCP).

This growth was driven by final consumption of households in the context of controlled inflation and a growing need for financing the national economy, explains the HCP in its recent briefing on the national economic situation.

The note thus shows a sharp slowdown in the growth rate of the primary sector, from 10.9% in Q4-2017 to 2% in the same period of 2018, stating that this development is the result the increase in the value added of agricultural activity of 3.5% instead of 13.6% a year earlier and the decline in that of fishing by 15.7% instead of 16.9%.

The value added (VA) of the secondary sector, in volume, for its part, realized a decline in its growth rate to reach 3.2% during the last quarter of 2018 against 4.6% the same quarter from the previous year, due to the slowdown in the rate of growth of the activities of the mining industry at 0.3% instead of 19.9% ​​and the building and public works at 0.4% against 1, 9% with, however, growth in electricity and water growth of 7% (versus 6.8%) and processing industries of 3.9% (3.2% in Q4-2017) , says the same source.

In addition, the VA of the tertiary sector grew by 3.1% instead of 2.9% in the same quarter of 2017, marked by an improvement in trade activities (4.5% vs. 2.2%). , financial and insurance services (3.9% vs. 2.1%), posts and telecommunications (2.7% instead of 0.5%), and education, health and social services. social action (0.8% against a drop of 0.6%), and this, despite the slowdown in the growth of hotel and restaurant activities to 5.9% (against 11.9%), services provided to households and to companies at 3% (3.7%) and transport at 1.7% instead of 5.5%, stresses the HCP, noting that, in total, the VA of non-agricultural activities an increase of 2.9%.

Regarding inflation, the note states that at current prices, GDP increased by 4.8% during Q4-2018, which allowed the rise in the general price level to be 1%. 9% instead of 2% a year ago.

Domestic demand, for its part, posted a growth rate of 2% during the fourth quarter of 2018, contributing 2.2 points to national economic growth instead of 4.2 points a year earlier, the HCP notes, adding that household final consumption expenditure rose by 3.9%, contributing 2.2 points to growth.

Similarly, according to the same source, final government consumption increased by 1.9% instead of 1.2% in the fourth quarter of the previous year, with a contribution to growth of 0.3 percentage points. instead of 0.2 point, while gross investment (gross fixed capital formation and inventory change) decreased by 1% compared with an increase of 8.3% a year earlier, with a negative 0.3 point growth.

Foreign trade in goods and services, despite their slowdown, made a positive contribution to growth, standing at 0.7 points instead of 0.2 points in the same quarter of the previous year. Exports of goods and services increased by 4.5%, with a contribution to growth of 1.7 points while imports increased by 2.1%, a negative participation of -1 point.

At the same time, the HCP reports that gross national disposable income declined to 1.5% in the fourth quarter of 2018 compared to 8.2% in the previous year, indicating that national savings stood at 29%. % of GDP compared to 32%, given a 4.2% increase in national final consumption in value instead of 3.4% recorded a year earlier.

The need for financing of the national economy increased to 6.1% of GDP after being 3.3% in the fourth quarter of 2017, taking into account gross investment (35.1% of GDP), concludes the same source.

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