Morocco's national accounts for the first quarter of 2025 show a notable improvement in economic growth, which reached 4.8%, according to the High Commission for Planning (HCP). Taking into account a 6% increase in product taxes net of subsidies, compared to 6.7% a year earlier, the gross domestic product (GDP), adjusted for seasonal variations, grew by 4.8% compared to 3% during the same quarter of 2024, the HCP stated in its bulletin on the national economic situation. The added value of the secondary sector rose by 4.5%, up from 3.2% in the first quarter of the previous year. This growth was driven by an increase in construction and public works (up 6.3% compared to 2.5%), electricity and water (up 5% compared to 4.2%), and manufacturing industries (up 3.4% compared to 1.7%). In contrast, growth in extractive industries slowed to 6.7%, down from 19.1%. The tertiary sector also saw an acceleration in growth, rising from 3.8% a year earlier to 4.7%. This was largely due to improved performances in accommodation and food services (9.7% compared to 3.2%), education, health, and social work activities (6.2% compared to 5.9%), public administration and social security services (5.3% compared to 3.4%), trade and vehicle repair (4.3% compared to 4%), and real estate services, which returned to growth at 0.8% after a 1.4% decline a year earlier. Some activities, however, showed signs of slowing. Transport and storage grew by 4% compared to 6.5% previously, research and development and business services slowed to 3.9% compared to 4%, and information and communication dropped significantly to 0.5% from 3.3%. As a result, the added value of the non-agricultural sector grew by 4.6% during the first quarter of 2025, up from 3.6% a year earlier. Meanwhile, the primary sector also rebounded, recording a 4.3% increase after a 4.3% decline in the same period of 2024. This recovery was driven by a 4.5% rise in agricultural activity, reversing a 5% drop a year earlier. Fishing activity, on the other hand, declined slightly by 0.3%, following a significant 10.6% increase in 2024. At current prices, GDP rose by 6.9% in the first quarter of 2025, slightly up from 6.8% the year before. This increase was accompanied by a slowdown in the general price level, with inflation easing to 2.1%, compared to 3.8% in the same quarter of the previous year.
