HCP: Fourth quarter of 2024 and perspectives for the first and second quarter 2025
This article was automatically translated from HIBAPRESS, the Arabic version:
HIBAPRESS-RABAT-HCP
The national economy would have recorded an increase of 4.2% in the first quarter of 2025, in annual variation, after having displayed a moderation of its growth at the end of 2024. This revival would have marked all of the activity branches, in particular the services and the extractive industries. In the second quarter of 2025, economic growth would remain at the rate of 3.8%, carried by a recovery of agriculture and the resilience of the services.
Moderation of activity at the end of 2024 under the effect of the slowdown in external demand
The national economy recorded growth of 3.7% in the fourth quarter of 2024, in annual variation,
Supported by improving domestic demand. This progression, more moderate compared to that of
previous quarter (+4.3 %), however, established above the average performance recorded in
First half of 2024. The strengthening of domestic demand was balanced and sustained at the end of 2024. The revival of household consumption was maintained in a context of increased income and improvement of
Borrowing conditions, ensuring 2.6 points support for economic growth in the fourth quarter of 2024. The dynamics of business equipment expenditure was, during the same period, more temperate, but the orientation of their behavior towards restocking has driven an increase in the contribution
from overall investment to economic growth at 5.4 points, instead of 3.7 points in the third quarter
2024. The keen support provided by domestic demand was nevertheless amputated by a negative contribution of 5.2
foreign trade points. Drawn by improving demand addressed to chemical industries,
electronic and electric, volume exports increased by 9.2%, after +9.8% in the quarter
Previous, but the increase in imports was more lively, climbing at +15.6%, in annual variation. The rate of
import of imports by export has thus folded points compared to the same period of
the previous year. Under these conditions, the pressures on the financing of the economy have been strengthened, but remained
overall contained in the last quarter of 2024, thanks to a significant improvement in net transfers and
Budget revenue. The need to finance the economy overall withdrawn to 3.2% of GDP
Quarterly, instead of 3.8% in the previous quarter.
