In a robust economic performance for 2024, Morocco's GDP surged by 7.9% to reach 1,596.8 billion dirhams, with household purchasing power seeing a notable improvement of 5.1 points, according to the High Commission for Planning. Corporations spearheaded wealth creation, contributing 45.7% of GDP, as national disposable income climbed by 7.7%, highlighting significant gains across corporate, household, and public administration sectors. The national economy recorded a gross domestic product (GDP) of 1,596.8 billion dirhams at current prices in 2024, an increase of 7.9% compared to 2023, accompanied by a 5.1-point improvement in household purchasing power, according to the Institutional Sectors Accounts published Monday by the High Commission for Planning (HCP). Corporations Lead Wealth Creation with 45.7% The data shows that financial and non-financial corporations remained the main contributors to national wealth, generating 45.7% of GDP, compared to 14.8% for public administrations and 28.4% for households and non-profit institutions serving households. Net taxes on production and imports rose by 1.2 points, reaching 11.1%. In the integrated economic accounts, value added at basic prices amounted to 1,420.068 million dirhams, while net taxes on products totaled 176.731 million dirhams, explaining the GDP figure of 1,596.799 million dirhams. National disposable income rose by 7.7% to 1,709.1 billion dirhams in 2024, supported by an 8% increase in corporate income, a 6.9% rise in income for households and non-profit institutions, and a 10% increase for public administrations. Households and non-profit institutions accounted for 63.1% of this income, followed by public administrations (20.3%) and corporations (16.6%, including 2.3% for financial corporations). Household disposable income grew by 6.7% to 1,059.7 billion dirhams. Wages represented 45.3% of this income, while mixed income (including housing service surplus) accounted for 39.4%. Net property income increased by 10.6%, while taxes on income, wealth, and social contributions had a negative impact of 17.6%. Final household consumption absorbed 89.2% of disposable income, resulting in a savings rate of 11.3%. Social transfers in kind increased by 9.5%, raising households' actual final consumption to 1,080 billion dirhams. Per-capita disposable income reached 28,808 dirhams, and with consumer prices rising by 0.9%, purchasing power improved by 5.1 points. In terms of savings and investment, national savings reached 461.7 billion dirhams (+11.6%) in 2024, while gross fixed capital formation increased to 422.5 billion dirhams (+13.9%), driven in particular by a 19.9% increase in corporate investment. Corporations contributed 60.3% of national savings and 59.2% of investment, compared to 26.8% and 26.1% for households, and 12.9% and 14.7% for public administrations. Financing Deficit of 18.5 Billion Dirhams The national economy posted a financing need of 18.5 billion dirhams in 2024 (1.2% of GDP), due in part to non-financial corporations shifting from a financing capacity of 11.9 billion to a financing need of 8.2 billion. The financing need of financial corporations widened to 9 billion, while public administrations reduced their financing gap and households improved their financing capacity. To cover its financing needs, the state sector recorded a net flow of treasury issuances of 48.8 billion dirhams on the domestic market (compared to 40 billion in 2023), a net external debt flow of 19 billion dirhams (down from 34.9 billion), and a net flow of internationally issued tradable debt securities of –9.4 billion dirhams. In banking finance, loans to non-financial corporations declined, with net loan flows totaling 12.9 billion dirhams in 2024 (compared to 19.9 billion in 2023). Household indebtedness to banks rose slightly, with a net loan flow of 13 billion dirhams, while deposits grew significantly, with a net inflow of 86.8 billion dirhams. For financial corporations, the net loan flow decreased to 41.9 billion dirhams, while deposits registered a notable rise of 152.3 billion dirhams.
