The overall Gross Domestic Product (GDP) in terms of volume saw a net decline of 6.3% in 2020 instead of a growth of 2.6% a year earlier, according to the High Commission for Planning (HCP).
With the 7.6% drop in taxes net of subsidies on products instead of a 1.9% increase in 2019, the rate of growth of real GDP, excluding agriculture, fell from 3.7%. in 2019 to -6% in 2020, specifies the HCP in an information note on the national economic situation in 2020.
In 2020, the value added, in volume, of the agricultural sector (not including fishing) experienced a second decrease of 8.6% after that of 5.8% in 2019. Similarly, the added value of the other sectors of Non-farm activity also saw a sharp decline of 5.8% instead of an increase of 3.9% a year earlier.
At current prices, the national GDP experienced a decrease of 5.5% in 2020 instead of an increase of 4% a year earlier, thus showing a drop in the general level of prices from 1.4% in 2019 to 0 , 8% in 2020.
In addition, the HCP reports a reduction in the financing need of the national economy from 4.1% of GDP in 2019 to 1.8% in 2020.
With the sharp drop in GDP at current prices of 5.5% instead of an increase of 4% last year and the 24.2% increase in net income received from the rest of the world instead of a decrease of 3.2%, said the same source, adding that the gross national disposable income experienced a decrease of 5% in 2020 instead of an increase of 4% in 2019 to stand at 1.153 billion dirhams.
Taking into account the 2.4% drop in national final consumption in value instead of a 3.5% increase recorded a year earlier, national savings fell by one point to stand at 26.7 % of GDP.
For its part, the level of gross investment (GFCF and change in stocks) represented 28.4% of GDP in 2020 instead of 31.9% the previous year.