Morocco's Economic Growth Improves to 3.2 Percent for Q3-2024 (Hcp)

8 July 2024
Maghreb Arabe Presse (Rabat)

Rabat — Morocco's national economic growth is estimated to have reached 3.2% in the third quarter of 2024 (Q3-2024), compared to 2.9% in the previous quarter, due to increasing support from demand for manufacturing industries and accommodation services, according to the High Commission for Planning (HCP).

This estimate considers a 5.1% decline in agricultural value added, the HCP specified in its second-quarter 2024 economic update and third-quarter 2024 outlook. It noted that non-agricultural activities would show an annual improvement of 3.9%.

The third quarter will be marked by continued improvement in extractive industries, amidst a continuous drop in international prices of non-metallic minerals, HCP pointed out.

Tertiary activities are expected to see a noticeable recovery, driven by the sectors of tourism, transport, and business services, the same source added.

The national economic growth is expected to continue relying on the sustained dynamic of domestic demand, HCP said, highlighting that purchasing power would support a 3.2% annual increase in household consumption.

Read the original article on MAP.

Tagged:
Copyright © 2024 Maghreb Arabe Presse. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.