Morocco's Economy Grows by 2.3%

The Moroccan flag is seen in front of a destroyed building following the devastating earthquake in Marrakesh last month. (Reuters)
The Moroccan flag is seen in front of a destroyed building following the devastating earthquake in Marrakesh last month. (Reuters)
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Morocco's Economy Grows by 2.3%

The Moroccan flag is seen in front of a destroyed building following the devastating earthquake in Marrakesh last month. (Reuters)
The Moroccan flag is seen in front of a destroyed building following the devastating earthquake in Marrakesh last month. (Reuters)

Morocco's national economy grew by 2.3 percent in the second quarter of 2023, compared with 2.2 percent in the same quarter of 2022.

Driven by external demand, this growth was achieved against a backdrop of high inflation and an improvement in the national economy's financing capacity.

According to the Higher Planning Commission (HCP), the country's leading statistics institution, non-agricultural activities recorded a 2.1 percent volume increase, compared to a rise in agricultural activities by 6.3 percent.

Meanwhile, the added value of the primary sector increased in terms of volume, recording an increase of 6 percent during the second quarter of 2023.

It was due to an increase in agricultural sector activities by 6.3 percent, paired with a slower 0.5 percent growth in fishing.

Furthermore, the added value of the secondary sector recorded a 2.8 percent drop compared to 1 percent during the second quarter of last year.

The decrease is due to a decline in the added values of each extraction industry by 9.4 percent compared to a 7.5 percent decrease.

Public works and construction increased by 2.8 percent instead of a 1.8 percent decrease. Manufacturing industries saw a 2.1 percent rise compared to a 1.8 percent increase.

Electricity and water activities increased by 1.4 percent compared to a 1.5 decrease during the same period.

At the same time, the added value in the tertiary sector slowed to 4.4 percent, marked by a rise in real estate services and a slowdown in accommodation and catering.

Services such as the transport and warehousing sectors slowed by 5.3 percent, while education, health, and social services dropped by 5.1 percent.

General public administration and social security services also fell by 4.8 percent.

Other services experienced a slowdown, including research and development and business services, information and communication, financial services and insurance, and trade and repair of vehicles.

In the first quarter of 2023, the Moroccan economy recorded a rise of 3.5 percent.



GCC Secretary General: Recommendations of Central Bank Governors Enhance Integration

Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi
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GCC Secretary General: Recommendations of Central Bank Governors Enhance Integration

Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi

Gulf Cooperation Council (GCC) Secretary-General Jasem Mohamed Albudaiwi said Thursday that the outcomes and recommendations of the latest meeting of the Committee of Governors of Central Banks would help enhance financial and economic integration among GCC countries.

His remarks came during the 83rd meeting of the Committee of Governors of Central Banks of the GCC countries held in Doha.

The meeting was chaired by the Governor of the Central Bank of Qatar and current session chairman Shaikh Bandar bin Mohammed bin Saoud Al Thani.

In his statement, Albudaiwi expressed gratitude to Qatari Emir and the President of the Supreme Council in its current session, Sheikh Tamim bin Hamad Al Thani, for Qatar's sincere efforts and diligent work to strengthen the GCC's unity.

He also praised the committee's valuable efforts to enhance cooperation and economic integration among the GCC countries, particularly in the monetary and banking fields. Albudaiwi cited achievements such as the adoption of guiding standards in banking and financial supervision, coordination in combating money laundering and terrorist financing, and the facilitation of financial transactions among GCC countries through advanced technological systems.

Albudaiwi added that the committee's decisions and recommendations on the meeting agenda would promote economic unity among the GCC countries in all monetary matters and drive them forward in this field.