2023-06-05 07:55:37
The HCP indicates that the closing of the national accounts for the year 2022 shows a marked slowdown in economic growth standing at 1.3% instead of 8% the previous year. Non-agricultural activities showed an increase of 3% and those of the agricultural sector a decrease of 12.9%. Driven by external demand, this growth was achieved in a context of rising inflation and an aggravation of the national economy’s financing requirement.
According to the HCP, the added value of the primary sector in volume contracted by 12.7% after having recorded an increase of 19% the previous year. This is explained by a drop in the added value of l’agriculture of 12.9% instead of an increase of 19.5% and that of fishing of 9.7% instead of an increase of 9.9% in 2021.
For its part, the added value of the secondary sector experienced a slowdown in its growth rate, from 7.1% the previous year to a drop of 1.7% in 2022. This was the result of the drop in added values:
- of mining industry 9.4% instead of an increase of 7.3%;
- of Construction and public works 3.6% instead of an increase of 4.7%;
- of ” Electricity, gas, water, sanitation and waste » 3.2% instead of an increase of 7.5%;
- And the increase in that of manufacturing industries by 0.3% instead of an increase of 7.8%.
The added value of the tertiary sector, moreover, recorded a slowdown in its growth rate from 5.8% the previous year to 5.4% in 2022. It was marked by the slowdown in the activities of:
- Research and development and services provided to companies at 5.4% instead of 9.6%;
- Services rendered by General Public Administration and Social Securityto 4.2% instead of 5.1%;
- Transport and storage at 3.8% instead of 10.5%;
- Real estate services at 1.4% instead of 2.9%;
- Vehicle trade and repair at 0.4% instead of 8.2%.
And from the rise of those:
- of accommodation and cateringwith 53.7% instead of 15.4%;
- of the education, health and social action serviceswith 5.5% instead of 3.6%;
- of the financial services and insurancewith 7.0% instead of 4.8%;
- of l’information et communicationwith 2.6% instead of a 1.5% drop.
In total, the added value of non-agricultural activities experienced an increase of 3% during the year 2022 instead of 6.3% a year earlier.
Under these conditions, and taking into account the 3.9% increase in taxes on proceeds net of subsidiesthe economic growth rate has slowed down sharply, from 8% in 2021 to 1.3% in 2022.
Rise in the general price level
At current prices, national GDP increased by 4.3% in 2022 generating an increase in the general price level of 3.1% instead of 2.4% in 2021.
Fall in domestic demand
Domestic demand fell by 1.5% instead of an increase of 8.9% in 2021, thus contributing negatively to national economic growth by 1.7 points instead of a positive contribution of 9.5 points a year before.
Therefore household final consumption expenditure experienced a drop of 0.7% instead of an increase of 6.9%, with a negative contribution to growth of 0.4 points instead of a positive contribution of 4 points.
On his side, gross investment (gross fixed capital formation; change in inventories and net acquisition of valuables) experienced a decline in its growth rate, recording a drop of 6.5% in 2022 compared to an increase of 13.8% in 2021 , with a negative contribution to growth of 2 points instead of a positive contribution of 4 points.
The general government final consumptionon the other hand, posted a slowdown in its growth rate from 7.2% last year to 3.3% with a positive contribution to growth of 0.6 points instead of 1.4 points last year. last year.
Positive contribution of foreign trade
In terms of foreign trade in goods and services in volume terms, both exports that imports recorded strong increases during the year 2022. Thus, exports of goods and services rose by 20.4% instead of 7.9%, with a contribution to growth of 6.8 points instead of a contribution of 2.4 points last year. For their part, imports increased by 9% instead of 10.4%, with a contribution to growth of 3.8 points instead of a contribution of 4 points last year.
In this context, foreign trade in goods and services made a positive contribution to growth, standing at 2.9 points instead of a negative contribution of 1.5 points in 2021.
Worsening of the need for financing
With the 4.3% increase in GDP at current prices instead of 10.6% last year and the 7.5% increase in net income received from the rest of the world instead of 59.8%, the gross national income available has experienced a marked slowdown in growth from 11.5% in 2021 to 5.4% in 2022 to stand at 1436 billion DH.
Given the 7.6% increase in national final consumption in value instead of the 11% recorded a year earlier, national savings stood at 26.8% of GDP instead of 28.2%.
With a level of gross investment representing 30.3% of GDP, the national economy’s financing requirement has thus worsened, rising from 2.3% of GDP in 2021 to 3.5% in 2022.
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