Morocco’s national economy experienced a growth of 15.2% in the second quarter of 2021, as opposed to a drop of 14.2% during the same period in 2020.
New data from Morocco’s High Commission of Planning (HCP) showed significant improvement in Morocco’s economy in the wake of economic repercussions resulting from the COVID-19 crisis
The new data shows a significant improvement in Morocco’s economy, which experienced reprecussions and recessions a year earlier due to COVID-19.
The data said the increase in Morocco’s economy was largely due to increased agricultural production of 18.6% and non-agricultural production of 14.8%.
The increase is also driven by domestic demand, HCP said, emphasizing that the growth occurred amid controlled inflation and a deteriorating financing situation of the national economy.
HCP noted that the primary sector’s added value increased by 21.8% during the second quarter of 2021, as opposed to a decline of 6.1% during the same period last year.
“This evolution is due to the increase in agricultural activity of 18.6% instead of a decrease of 7.6% a year earlier and that of fishing by 57.9% instead of 10.5%,” the HCP added.
Meanwhile, the added value for the secondary sector witnessed an increase of 19.5% after a drop of 15.6% in the second quarter last year.
The positive indicator is the result of the decline in the added value of the mining industry of 1.1% instead of an increase of 7.8%.
The HCP also noted an increase in the added value of the tertiary sector. The increase is estimated at 11.6% instead of a drop of 14.6% during the same quarter of 2020.
The positive data is due to the increase of 82.1% recorded in the hotel and restaurants sector instead of a sharp decline estimated at 90.6% during the same period last year.
The improvement is also attributed to the increase in transport activities, with an increase of 42.5% instead of a drop of 60.4%, and trade with 30.2% instead of a drop of 25.5%.
HCP concluded its recent economic assessment, emphasizing that Morocco’s GDP recorded a growth of 15.2% during the second quarter of 2021, as opposed to a 14.2% recession a year ago.
Morocco’s GDP also experienced an increase of 16.8% during the second quarter of this year.
