Today, Friday, the Higher Planning Commission said that the results of the national accounts showed that the growth of the national economy recorded a marked slowdown, reaching 2% in the second quarter of 2022, instead of 14.2% in the same quarter last year.
The note recorded a decrease in value added in the extractive industries by 7.8% instead of 0.6%, and in manufacturing – by 2.3% instead of 20.2%.
In general, non-agricultural activities fell sharply, from 13.3% in the same quarter last year to 4.2%.
Under these circumstances, the delegate added: “Given the 5.3% increase in the subsidy net product tax, gross domestic product in kind recorded an increase of 2% in the second quarter of 2022 instead of 14.2% last year. “.
Last Tuesday, Bank Al-Maghrib expected economic growth to slow this year to 0.8 percent as a result of a 14.7 percent decline in value added in agriculture and a slowdown in non-farm activity to 3.4 percent.
Following its third quarterly board meeting this year, Bank Al-Maghrib said growth is expected to pick up to 3.6 percent in 2023 on an expected 11.9 percent increase in agricultural value-added, assuming a return to an average grain crop of 75 million centners. On the other hand, Bank Al-Maghrib believes that non-farm activities will continue to slow down as growth is expected to slow to 2.5 percent.
As for the inflation index, Bank Al-Maghrib expects it to accelerate by 6.3% in 2022 and then slow down to 2.4% in 2023.