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Thursday 1 April 2021

Morocco: Economy Contracts By 6% in Q4-2020 (HCP)

Morocco: Economy Contracts By 6% in Q4-2020 (HCP)

Gross domestic product (GDP) in volume in Morocco recorded a drop of 6% during the fourth quarter of the past year, instead of a 2.3% increase in Q4-2019, said the High Commission for Planning (HCP).

This contraction is the result in particular of the decline of 7.3% in the value added of the agricultural sector and of 5.5% in that of non-agricultural activities, explained the HCP in a note on the national accounts of the fourth quarter of the year 2020.

Pending the finalization of the provisional annual accounts next June, the year 2020, with this evolution of the national economy in the fourth quarter, should end with a recession of 7.1% of national economic growth, down 0.1 point compared to the forecast published by the HCP in January 2021, underlined the same source.

In Q4-2020, the value added of the primary sector in volume recorded a decrease of 6.8%, instead of a decrease of 5.2% achieved during the same period in 2019.

This result is attributable to the decline in agricultural activity of 7.3% instead of a drop of 5.6% a year earlier and to an increase in fishing activity of 0.3% instead of a decrease of 0.1%.

For its part, the value added of the secondary sector, in volume, fell by 1.6% in Q4-2020, instead of an increase of 2.9% in the same quarter of the previous year.

With the exception of the extractive industry, which posted a positive growth of 8.9% instead of 3%, the other secondary branches posted negative growth. 

 

MAP 31 March 2021