Morocco's GDP has declined by 7.2% in the third quarter of 2020, against a 2.4% increase in 2019, according to the High Commission for Planning (HCP).
This decline, which takes into account the 9.2% drop in taxes on net subsidies, is explained by the 6.7% decrease in non-agricultural activities and a 8.6 % decrease in the agricultural sector, the HCP said in a briefing note on the economic situation in Q3-2020.
The value-added of the agricultural sector in volume, seasonally adjusted, recorded a decline of 7.3% in volume, attributable to the decline in agricultural activity and the increase in that of fishing.
The value-added of the industrial sector, in terms of volume, experienced a -3.8% decline in Q3-2020, the HCP said.
Except for the mining industry, electricity and water, which posted increases ranging between 4.3% and 0.7%, other constituents of the sector showed negative growth, such as construction and public works (-12.5%) and processing industries (-2.6%).
As for the service sector, its value-added showed a decline 8.4% decline, following a 3.9% increase in Q3-2019.
This evolution was the result of the combined effect of the decline in the value-added of hotels and restaurants (-65.2%), transport (-32.8%), trade (-11.7%) and services to households and businesses (-8.3%) and posts and telecommunications (-3%).
Education, health and social services increéased by 5.8%, while services provided by the Public Administration and Social Security and insurance services posted +4.1% and 1.7% increase respectively.
In current prices, GDP fell sharply (-6.9%) which resulted in a decrease in the inflation rate, which stood at 0.3% in Q3-2020, compared to 1.5% a year earlier.
