The year 2023 marked a turning point for Morocco’s economy, with a notable 10% increase in gross domestic product (GDP), reaching an impressive 1,463.3 billion dirhams. This robust growth showcased the resilience of the national economy despite a turbulent global environment. But who were the key contributors to this remarkable performance? Let’s dive into the numbers.
The backbone of growth: Companies lead the way
Financial and non-financial corporations emerged as the primary drivers of wealth creation, contributing a hefty 45.1% of the GDP. These sectors also played a dominant role in national savings and investment, accounting for 60.6% and 55.1%, respectively. Their success highlights an enhanced ability to generate value while balancing wealth creation with reinvestment, a cornerstone of long-term economic stability.
Public sector investments on the rise
Public administrations solidified their economic role, contributing 15.2% of the GDP and 19.6% of the gross national disposable income. Notably, their share of gross fixed capital formation—a critical measure of infrastructure investment—jumped to 16.4%, reflecting a strong commitment to essential public works and development projects.
Households: A steady contributor
Households and nonprofit institutions serving households (NPISH) accounted for 29.6% of the national wealth. The available gross national income for households rose by 9.6%, reaching 996 billion dirhams. This boost led to a modest improvement in purchasing power, which rebounded by 2.4 points, a welcome change after a dip in the previous year.
Investments: A driving force
Gross fixed capital formation (GFCF), a key indicator of national investment, grew by 4.8% to 371.9 billion dirhams. Public administrations spearheaded this resurgence with an impressive 24.4% increase in investments. Households also played a crucial role, with their share of GFCF climbing to 28.5%.
Financial stability: A noteworthy achievement
Morocco achieved a significant reduction in its financing needs, which dropped to just 0.6% of GDP, compared to 3.6% in the previous year. This improvement stemmed from more balanced resource management, with households and non-financial corporations making substantial contributions to the surplus.
A transformative year for Morocco’s economy
The report paints a picture of an evolving Moroccan economy, characterized by rising investments and better resource allocation across institutional sectors. With a blend of corporate dynamism, public sector investment, and improved household financial health, 2023 stands as a testament to Morocco’s capacity for sustainable growth in challenging times.
