Lhe economic update for the second quarter of 2022 indicates a 3.6% increase in value added excluding agriculture and a decline of 16.1% in agricultural value. The volumes of exports and imports of goods and services would have increased by 6.9% and 7.3%, respectively, in annual variations.
In addition, final consumption appears to have remained moderate, in a context of sharply rising consumer prices and falling rural incomes. Indeed, these consumer prices would have risen, year on year, by 6.3%, following the 9.5% increase in the prices of food products and 4.1% in those of non-food products.
The economic update also indicates that the money supply would have slowed markedly, posting an increase of 4.9%, year-on-year. Regarding the equity market, the latter would have experienced a significant downward movement, following the fall in the prices of several listed companies, in the wake of the effects of the war in Ukraine on the national economy.
Investment appears to have continued to decline in Q2 2022, at an annual rate of -1.3%, compared to +7.3% a year earlier. This development would have been, in particular, attributable to the continuation of the movement of destocking of companies initiated at the beginning of the year, particularly in the extractive industries sector and to the slowdown in investment in construction. Investment in industrial products appears to have improved slightly, in the wake of an increase in imports of industrial capital goods.
Regarding the forecast and outlook for the third quarter of 2022, the national economy is expected to register an increase of 0.8%, in annual variation. World demand addressed to Morocco would increase by 4.2%, in annual variation. Domestic domestic demand is expected to remain subdued, once morest a backdrop of continued slowdown in household consumption and investment. In annual variation, its growth rate should stand at +1.6%. Non-agricultural value added should grow by 2.9% and agricultural value should decline by 14.1%.
(With MAP)
