GDP growth confirmed at 3.4%

The economy finally grew by 3.4% in 2023. This is the conclusion of the national accounts for 2023, just published by the High Commissioner’s Office for Planning (HCP). This trend is in line with the forecasts of the Ministry of Finance, and is a clear improvement with respect to the 1.5% recorded the previous year. Non-agricultural activities grew by 3.5% in volume terms, and agricultural activities by 1.4%.

This economic growth is attributed in particular to domestic demand and non-agricultural activities, despite a context marked by high inflation.

Domestic demand played an important role, increasing by 3.3% versus a 1.2% decline in 2022, and thus contributing 3.7 points to economic growth. Final consumption expenditure by households and by non-profit institutions serving households (ISBLSM) rose by 3.9%, after stagnating the previous year, making a positive contribution of 2.4 points.

Gross investment, comprising gross fixed capital formation (GFCF), changes in inventories and net acquisition of valuables, rose by 1.5%, contrasting with the 6% decline in 2022. This upturn in investment made a positive contribution of 0.5 points to growth, compared with a negative contribution of 1.9 points the previous year. Meanwhile, final consumption by public administrations rose by 4.1%, up from 3% in 2022. This consumption was responsible for a positive contribution of 0.8 points to economic growth, up from 0.6 points the previous year.

In 2023, the sectors made contrasting contributions. The primary sector saw an improvement, with growth of 1.6% following a sharp 11.8% decline in 2022. This recovery is mainly due to a 1.4% increase in agricultural activity and 7% growth in fishing. Although the overall contribution of this sector remains modest, its stabilization has helped to reinforce economic growth. The secondary sector also showed signs of recovery, with an increase of 1.3% after a decline of 2.7% in 2022. The main contributing sub-sectors include manufacturing (+2.7%, versus +0.6% in 2022) and electricity, gas, water, sewage and waste (+0.7%, after a 4.4% decline). Although the mining industry is still in decline (-2.7%), it has recorded an improvement on the 23% fall in 2022. In the building and public works sector, a decrease of 0.4% was noted, but this was an improvement on the previous year’s fall of 3.7%…

Khadija MASMOUDI