Final accounts for the second quarter of 2022 show a clear slowdown in the growth of the Moroccan economy to 2% instead of 14.2% in the same quarter of the previous year, according to the High Commission for Planning (HCP).
Non-agricultural activities posted an increase of 4.2% and those of the agricultural sector a decline of 15.5%, said the HCP in a briefing note on the national economic situation in Q2-2022.
Driven by domestic demand, this growth was achieved in a context of high inflation and a rise in the financing needs of the national economy, said the same source.
In detail, the national accounts reveal that the value added of the primary sector in volume, adjusted for seasonal variations, contracted by 16% in the second quarter of 2022, after having recorded an increase of 18.3% in the same quarter of the previous year. This is due to the decline in the value added of agriculture by 15.5% and fishing by 23.4%.
For its part, the value added of the secondary sector, in volume terms, experienced a marked slowdown in its growth from 17.3% in Q2-2021 to 1.5% in Q2-2022.
This is the result of a slowdown in the rate of increase in the value added of the manufacturing industries to 2.3%, electricity, gas, water, sanitation and waste to 2% and construction and public works to 1.7%, as well as the fall in the value added of the mining industry by 7.8%.
The value added of the tertiary sector, on the other hand, recorded a slowdown in its rate of growth from 11.2% in the same quarter of the previous year to 6.1%.
