فاس نيوز ميديا جريدة الكترونية جهوية تعنى بشؤون و أخبار جهة فاس مكناس – متجددة على مدار الساعة
The High Commission for Planning (HCP) reported that the national economy experienced a slowdown in its growth rate during the third quarter of 2025, recording growth of 4 percent compared to 5 percent during the same period in 2024, according to the results of the quarterly national accounts.
In an economic outlook brief, the HCP explained that this performance occurred in a context marked by relatively controlled inflation, alongside a worsening need to finance the national economy, noting that domestic demand remained the main driver of growth during this period.
According to official data, non-agricultural activities recorded a noticeable slowdown, with their growth rate declining to 3.8 percent, down from 5.7 percent in the third quarter of 2024. In contrast, agricultural activity improved, posting growth of 4.7 percent after a sharp contraction of minus 5.1 percent the previous year.
The value added of the primary sector increased by 2.6 percent in volume, compared with a decline of 4.2 percent previously. This development is mainly attributed to the improved performance of agriculture, despite a sharp drop in fishing activities, which fell by 24.4 percent.
The secondary sector also experienced a slowdown in value-added growth, decreasing from 6.9 percent to 3.8 percent. This decline is mainly due to reduced growth in construction and public works, extractive industries, and manufacturing, while electricity, water, and sanitation activities recorded a relative improvement.
As for the tertiary sector, its growth rate declined from 5 percent to 4.2 percent, affected by slower activity in hotels and restaurants, transport and storage, trade, financial services, education and health, as well as information and communication.
On the other hand, services provided by public administrations and social security showed improved performance, while real estate activities recorded a slight return to growth after having declined the previous year.
As a result of these developments, and amid slower growth in taxes on products net of subsidies, gross domestic product in volume, seasonally adjusted, increased by only 4 percent, compared to 5 percent in the third quarter of 2024.
At current prices, GDP growth reached 5.7 percent, down from 8.7 percent, reflecting a marked slowdown in inflation, which stabilized at 1.7 percent, compared to 3.7 percent during the same period last year.
The HCP also highlighted that domestic demand rose strongly by 7.6 percent, contributing an estimated 8.3 percentage points to national economic growth, driven mainly by a sharp increase in investment, which surged by 15 percent and contributed 4.6 points to growth.
Final consumption expenditure by public administrations increased by 7.4 percent, while household consumption grew by 3.9 percent, underscoring the continued central role of domestic spending in supporting economic activity.
Conversely, foreign trade exerted downward pressure on growth, as imports rose faster than exports, resulting in a negative contribution to growth of minus 4.3 percentage points, compared with minus 1.5 points in the third quarter of 2024, due to higher imports and relatively slower export growth.
Source: Fes News Media
