Casablanca- In a comprehensive overview released by the High Commission for Planning (HCP), Morocco’s economic landscape in 2022 came into sharper focus, revealing notable shifts and trends across various sectors. The report underscored the country’s Gross Domestic Product (GDP) surging to MAD 1.330 trillion ($approximately 0.137 trillion USD), showcasing a robust 4.4% increase from the preceding year. This substantial growth, equivalent to approximately USD 141.9 billion based on current exchange rates, underscores Morocco’s resilience and economic vitality amidst global challenges.
Delving deeper into the economic framework, the report shed light on the contributions of different sectors to the nation’s GDP. The corporate sector, encompassing both financial and non-financial entities, emerged as a pivotal driver of economic activity, accounting for a significant 45.3% share of the GDP in 2022, up from 43.7% in 2021. This uptick signifies the sector’s expanding role in generating national wealth and fostering economic development.
Meanwhile, public administrations maintained their integral position within the economic landscape, contributing 16.1% to the GDP, while households and Non-Profit Institutions Serving Households (NPISHs) saw their contribution decrease marginally to 28.9% in 2022, down from 30% the previous year. Despite this slight decline, households and NPISHs remain substantial contributors to the nation’s economic output, reflecting the resilience of domestic consumption and private sector activity.
A nuanced examination of tax dynamics revealed a marginal decrease of 0.6 points in taxes, net of subsidies on production and imports, representing 9.7% of GDP in 2022. This adjustment underscores ongoing efforts to optimize fiscal policies and promote sustainable economic growth while ensuring a conducive environment for businesses and consumers alike.
In tandem with GDP growth, the report highlighted a notable uptick in the Gross Disposable National Income (RNBD), which surged by 5.4% to reach MAD 1,436.1 billion. This robust expansion, equivalent to approximately USD 153.3 billion, signifies an overall improvement in income levels and economic well-being across various segments of society.
Further analysis unveiled a 5.2% increase in household gross disposable income (GDI), totaling MAD 910.6 billion in 2022. This upward trajectory, translating to roughly USD 97 billion, underscores the resilience of household finances amidst evolving economic conditions. Remuneration of employees accounted for a significant portion of household income, contributing 46.5% to GDI, while social benefits and other transfers played a vital role in supporting household consumption.
On the investment front, Gross Fixed Capital Formation (GFCF) witnessed a commendable 7.5% increase, reaching MAD 360.8 billion in 2022. This surge in capital investment, equivalent to approximately USD 38.5 billion, underscores ongoing efforts to enhance infrastructure, spur innovation, and drive long-term economic growth.
Despite these positive indicators, the report also highlighted challenges in the realm of national savings, which declined by 0.9% to MAD 356.1 billion in 2022. This decrease, equivalent to approximately USD 38 billion, underscores the importance of fostering a conducive environment for savings and investment to sustain economic resilience and ensure long-term prosperity. Overall, the report paints a comprehensive picture of Morocco’s economic landscape, showcasing robust GDP growth, resilient household finances, and ongoing efforts to enhance investment and savings. While challenges persist, the nation’s economic fundamentals remain strong, underscoring its resilience and potential for sustained growth in the years to come.