Morocco's economic growth rate declined to 2.5 percent in 2019 compared to 3.1 percent in 2018, announced the National High Commission for Planning (HCP) on Monday.
In its report on the national economic status during 2019, the Commission stated that consumption and external demand led the growth, characterized by controlling inflation to finance the national economy.
The report added that the slowdown is due to the decline of the added value of the agricultural sector by 5.8 percent compared to a 3.7 percent increase in 2018. Also, the value of the other non-agricultural sectors saw a 3.8 percent increase in 2019, while it was 2.9 percent in the previous year.
Foreign exchanges of goods and services saw a positive contribution to the growth of half a percentage point compared to a negative contribution of 1.2 points in 2018.
The commission’s report shows that exports of goods and services recorded an increase of only 5.5 percent.
It noted a 3.9-percent increase in gross domestic product at current prices compared to 4.3 percent in 2018, and a decrease in net incomes of 1.5 percent compared to a decline of 17 percent.
The Commission indicated that the gross national disposable income only developed 3.6 percent during 2019 compared to 3.1 percent in 2018, reaching $120 billion.
In total, the Commission's report noted that national final consumption expenditure increased 3.5 percent compared to 4.4 percent recorded in 2018, as national savings maintained a 27.8 percent of the GDP.
The Commission concluded that as taxes on net products increased 2 percent from subsidies in 2019 compared to 4.6 percent in 2018, the non-agricultural GDP increased from 3.1 percent in 2018 to 3.5 percent last year.
