The Moroccan economy has regained color after the ebb of covid-19. During the past financial year, growth was mainly driven by the rebound in agricultural activity.
The Moroccan economy recorded growth of 7.9% in 2021, after a deep recession of 7.2% in 2020 mainly due to the health crisis, according to data published on Sunday June 5 by the High Commission for Planning ( HCP), the national body for economic planning in the Cherifian kingdom.
The economic rebound was mainly driven by a 17.8% increase in agricultural activity and 6.6% increase in non-agricultural activities, the HCP said, stressing that this growth was achieved in the context of a “high inflation and an aggravation of the national economy’s need for financing“.
According to the indicators, the excellent performance of the primary sector over the past year can be explained by a 17.8% increase in agricultural activity, thanks in particular to a good cereal campaign, and a 12.7% increase in fishing activity.
The added value of industrial activity increased by 6.8%, thanks to the “good performance” of the building & public works sectors (+10.7%), electricity, gas, water, sanitation and waste (+6.5%) and manufacturing industries (+6.1%).
The value added of the services sector, for its part, posted an increase of 6.4%, thanks in particular to the increase in activities in accommodation and catering (+31.6%) and transport and warehousing ( +15.2%).
The HCP also clarified that Morocco’s gross domestic product (GDP) recorded at current prices a sharp increase of 11.4% in 2021 against a drop of 7.1% a year earlier.