Growth at 1.3%, national savings down

Growth at 1.3%, national savings down

The High Commission for Planning (HCP), has indicated that the closing of the national accounts for the year 2022 shows a marked slowdown in economic growth standing at 1.3% instead of 8% the previous year. .

In an information note relating to the provisional national accounts for the year 2022, published on Monday, the High Commission notes that non-agricultural activities posted an increase of 3% and those of the agricultural sector a drop of 12.9%.

It also emerges from the note that this growth, driven by external demand, was achieved in a context of rising inflation and an aggravation of the national economy’s financing requirement.

At retail, the value added of the primary sector in volume contracted by 12.7% after having recorded an increase of 19% the previous year, according to the HCP. This is explained by a fall in the added value of agriculture by 12.9% instead of an increase of 19.5% and that of fishing by 9.7% instead of an increase of 9. .9% in 2021.

For its part, the added value of the secondary sector experienced a slowdown in its growth rate from 7.1% the previous year to a drop of 1.7% in 2022.

This was the result, explains the note, of the drop in value added of the extraction industry of 9.4% instead of a rise of 7.3%, of building and public works of 3.6% instead of a rise of 4.7%, of “Electricity, gas, water, sanitation and waste” of 3.2% instead of a rise of 7.5%, and the rise of that of manufacturing industries by 0.3% instead of an increase of 7.8%.

The added value of the tertiary sector, moreover, recorded a slowdown in its growth rate from 5.8% the previous year to 5.4% in 2022.

This change was marked by the slowdown in “Research and development and services rendered to companies” activities to 5.4% instead of 9.6%, “Services rendered by general public administration and social security”, to 4.2% instead of 5.1%, “Transport and storage” at 3.8% instead of 10.5%, “Real estate services” at 1.4% instead of 2.9%, “Trade and vehicle repair” at 0.4% instead of 8.2%.

It was also marked by the increase in accommodation and catering activities, with 53.7% instead of 15.4%, education, health and social action services, with 5. 5% instead of 3.6%, financial services and insurance, with 7.0% instead of 4.8%, information and communication, with 2.6% instead of a drop of 1.5 %, adds the HCP.

At current prices, national GDP rose by 4.3% in 2022, generating an increase in the general price level of 3.1% instead of 2.4% in 2021.

National savings down in 2022

In addition, note the HCP, national savings stood at 26.8% of gross domestic product (GDP) in 2022, instead of 28.2% a year earlier.

This savings takes into account the 7.6% increase in national final consumption in value instead of 11% recorded a year earlier, it is specified.

With the 4.3% rise in GDP at current prices instead of 10.6% last year and the 7.5% rise in net income received from the rest of the world instead of 59.8%, income Gross domestic available growth has slowed sharply from 11.5% in 2021 to 5.4% in 2022 to stand at 1436 billion dirhams.

With a level of gross investment representing 30.3% of GDP, the national economy’s financing requirement has thus worsened, rising from 2.3% of GDP in 2021 to 3.5% in 2022.


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