The national economy was marked, during the first quarter of 2023, by a considerable increase in the Gross Domestic Product (GDP), generating an increase in the general price level of 5.4%, according to the information note of the Haut- Planning Commission (HCP) on the national economic situation.
In the first quarter of 2023, the national economy recorded a significant increase in GDP at current prices, with an increase of 8.9%, which led to an increase in the general price level of 5.4%.
This increase in GDP as well as the 23.3% of net income received from the rest of the world also had an impact on gross national disposable income, which rose by 9.9%. This increase is significantly higher than that recorded in the same quarter of the previous year, which was only 2.6%.
National savings in particular experienced notable growth, reaching 24.9% of GDP, compared to 22.9% the previous year. This increase is linked to a 7.5% increase in national final consumption in value, against a 6% increase recorded previously.
Regarding gross investment, it represented 24% of GDP in Q1-2023, compared to 27.9% during the same period the previous year. This resulted in a financing capacity of 0.9% of GDP, marking a marked improvement compared to the financing need of 5% of GDP recorded the previous year.
Stagnant domestic demand
Domestic demand, meanwhile, almost stagnated in Q1-2023, contrary to a 1.7% drop observed in the same period in 2022. Household final consumption expenditure increased by 0.1% and contributed positively to growth, while the final consumption of general government increased by 2.7% instead of 3.5% with a positive contribution to growth of 0.5 point.
On the other hand, gross investment continues to decline, posting a decline of 2.6% in Q1-2023 after a drop of 6.9% the previous year, contributing negatively to growth, indicates the HCP.
Increase in foreign trade
On the front of foreign trade in goods and services, exports and imports recorded significant increases. Exports increased by 19.8% with a contribution to growth of 7.8 points, while imports increased by 8.8% instead of 2.2% with a negative contribution to growth of 4.2 points.
In this context, foreign trade in goods and services made a positive contribution to growth in Q1-2023, standing at 3.6 points instead of 2.3 points a year earlier. These figures indicate encouraging economic dynamics, underlining the importance of foreign trade in the overall performance of the economy during this period, the same source said.
Rising growth
With regard to economic growth in Q1-2023, the value added of the primary sector in volume, seasonally adjusted (cvs), recorded a notable increase of 6.6%. This positive development contrasts with the 11.3% drop recorded during the same period in 2022.
According to the HCP note, this increase is mainly due to the growth of agricultural activity, which increased by 6.9% instead of falling by 12.2%. On the other hand, growth in fishing activity slowed to 0.3% instead of 3.3%.
In the tertiary sector, the value added also increased satisfactorily, posting a growth of 5.4% in the first quarter of 2023, compared to 4.6% during the same period in 2022. This improvement is attributable to various activities, in particular hotels and restaurants, with growth of 53.9%, the transport sector (+7.1%), financial services and insurance (+5.4%) and services provided by general public administration and social security (+4.6%).
However, some activities experienced a slowdown in their growth, in particular education, health and social action services, as well as research and development and business services. Trade and repair of vehicles as well as post and telecommunications also recorded more moderate growth.
At the level of the secondary sector, added value fell by 1.3% in Q1-2023. This decrease is mainly attributed to the decline in value added in the mining industry, construction and public works, as well as electricity and water. On the other hand, processing industries recorded an increase of 1.8% instead of a drop of 2.7%.
As a result, the value added of the non-agricultural sector increased by 3.2% this quarter. In this context, despite the increase in taxes on products net of subsidies by 2.7% instead of 0.7%, GDP posted growth of 3.5% in volume, against 0.5% during the first quarter of the previous year.