Morocco’s economy expanded by 3.8% in 2024, slightly up from 3.7% the previous year, according to the latest report by the High Commission for Planning (HCP). This modest acceleration was primarily fueled by strong domestic demand, despite persisting inflationary pressures and mounting financing needs within the national economy.
Non-agricultural activities soared in volume by 4.5%, whereas those in the agricultural sector were down by 4.8%, says the same source.
In volume terms, the value added of the primary sector recorded a 4.5% decline, due primarily to a downturn in agricultural activity as well as a significant slowdown in fishing, whose growth rate dropped from 6.9% to 2.6%.
The value added of the secondary sector, on the other hand, has achieved a remarkable rise from 0.8% to 4.2% in 2024.
This performance is due to a rise in the value added of the extraction industry (13%), construction and public works (5%), manufacturing (3.3%), and electricity, gas, water, sanitation, and waste management (2.6%).
In addition, the value added of the service sector's growth rate experienced a slowdown from 5% in 2023 to 4.6% in 2024.
At current prices, GDP increased by 7.9% in 2024 resulting in a general price level rise of 4.1%.
