(Ecofin Agency) - The HCP highlights that the growth in the second quarter of this year was mainly driven by domestic demand, with inflation easing during the period.

Morocco’s economy grew by 2.4% in the second quarter of 2024, down from 2.5% in the same period last year. These figures were shared on Monday, September 30, by the High Commission for Planning (HCP), the country’s national economic planning body.

Non-agricultural activities rose by 3.2% from April to June 2024, while the agricultural sector shrank by 4.5%, according to the HCP. The growth was driven by domestic demand, despite being in a climate of controlled inflation and a national economy financing need equivalent to 1.1% of GDP.

Morocco’s primary sector, adjusted for seasonal changes, contracted by 5% in the second quarter of 2024, compared to a 1.2% rise during the same period in 2023. The decrease was due to a 4.5% drop in agricultural output and a significant 14.7% fall in fishing.

The secondary sector, on the other hand, grew by 3.8% between April and June 2024, bouncing back from a 2.4% decline in the same period last year. This growth was fueled by increased outputs in the mining industry (up 23.6%), construction (up 3.6%), and manufacturing (up 2.9%).

Growth in the services sector slowed from 5% in Q2 2023 to 3.1% in Q2 2024. This was partly due to weaker performances in hospitality, transportation, storage, financial services, and insurance.