Driven by a growth in domestic demand of 16.7% in the second quarter of the current fiscal year, Moroccan GDP grew by 15.2% during the second quarter of 2021, indicates the High Commission for Planning (HCP) .
The closing of the national accounts shows a growth of the national economy at 15.2% in the second quarter against a sharp drop of 14.2% during the same quarter of the previous year, indicates HCP.
“Taking into account the 14.5% increase in taxes on income net of subsidies, the gross domestic product (GDP) in volume recorded a rebound of 15.2% during the second quarter of 2021 instead of a recession of 14.2% a year ago, ”explains the HCP.
In a briefing note on the national economic situation during the second quarter, the kingdom’s statistician attributes this rebound to a sharp increase of 18.6% in agricultural activity and 14.8% in non-agricultural activities.
The fact remains that domestic demand played a major role in this strong upturn in growth.
Main engine of growth in Morocco, domestic demand grew by 16.7% in the second quarter instead of a drop of 12.7% the same period of the year 2020, says the HCP, specifying that it contributed for 18.2 points to national economic growth instead of a negative contribution of 13.8 points, indicates the HCP in said note.
Resumption of consumption
Noting that the growth of domestic demand (with these two components, that of consumption and that of investment, Editor’s note) was achieved in the context of controlled inflation and a worsening of the financing need of the economy national, HCP economists detailed the changes in each of its components.
Thus, they note that household final consumption expenditure increased by 15.2% instead of a decrease of 16.8%, contributing 8.5 points to growth instead of a negative contribution of 9.8 points. Which seems logical given that household and government spending fell during the second quarter of 2020.
Indeed, according to the said note, the final consumption of general government showed an increase of 4.8% instead of 3%, with a contribution to growth of 1.1 point instead of 0.6 point.
For its part, gross investment (gross fixed capital formation and change in inventories) recorded an increase of 28.9% instead of a sharp drop of 15.1%, with a contribution to growth of 8%. 6 points instead of a negative contribution of 4.7 points, during the same quarter of the previous year.
13.3% growth in final consumption
In addition, the HCP notes that exports posted an increase of 25.6% during the second quarter of 2021 instead of a decrease of 32.3%, with a contribution to growth of 7.7 points instead of a negative contribution of 12.7 points.
For their part, imports of goods and services increased by 27.2% instead of a decrease of 25.7%, with a negative contribution to growth of 10.7 points instead of a positive contribution of 12 , 4 points last year.
Thus, foreign trade in goods and services continued to make a negative contribution to growth, standing at 3 points instead of 0.4 points in the same quarter of the previous year, reports the HCP.
On the same negative note, the note also mentions an increase in the financing needs of the economy, going from 1.3% of GDP to 2.9%. At current prices, with the increase in GDP of 16.8% instead of a decrease of 14.6% and the increase in net income received from the rest of the world by 44.9% instead of 22.9%, Gross national disposable income grew by 17.2% instead of a drop of 12.2% during the second quarter of 2020.
Taking into account the 13.3% increase in national final consumption in value instead of a 10.8% drop recorded a year earlier, national savings stood at 30.5% of GDP instead. by 27.7%.
The Moroccan economy still recorded one of the highest gross investment ratios in the world (+ 30%). Indeed, gross investment reached 33.4% of GDP instead of 29% during the same quarter of the previous year, the note said. Note that the framework note of the PLF 2022 expects a rate of 3.2%.