HCP: improvement in national economic growth

HIBAPRESS-RABAT-HCP

The HCP, in its economic note for the first quarters of 2024 and outlook for Q2-2024, indicates that the downward shift in agricultural added value, economic activity would have continued to improve, driven mainly by the dynamics of secondary branches and by the continued strengthening of services.

Morocco recorded an improvement in national economic growth which stood at 4.1% instead of 0.7% during the same period of 2022. This growth was driven by domestic demand in a context control of inflation and an increase in the financing needs of the economy.

Agricultural activities would have experienced a decline of 3.9% in the first quarter of 2024, in annual variation, instead of an increase of 6.9% a year earlier, this poor performance would have been attributable to unfavorable weather conditions which would have hampered the installation of fall and winter crops.

The areas sown with cereals would have fallen by 42.5% compared to the five-year average, mainly limited to favorable areas in Saïs, Loukkous and part of Gharb.

The excessive temperatures recorded around mid-January 2024, combined with the rainfall deficit reaching 46.2% at the end of February compared to the same period of a normal season, would have impacted the development of most crops during their early vegetative stages and advanced, the return of rains in March, limiting the rainfall deficit since the start of the agricultural campaign to 20.6%, would have been beneficial for rosaceae and seasonal market gardens, but would not have compensated for the losses recorded in level of early crops.