Rabat – Morocco’s High Commission for Planning (HCP) announced that Morocco’s domestic demand declined by 13.2% during the second quarter of 2020, compared to a rise of 2.9% that it recorded during the same period in 2019.
The data came as part of an information note on the economic situation in Morocco during the second quarter of 2020.
Morocco’s economy recorded a significant decline in terms of expenditures of household consumption, dropping from a 2.6% increase during the second quarter of 2019 to a 21.2% decrease during the same period in 2020.
For gross fixed capital formation, HCP indicated a sharp decrease from 2.2% in the second quarter of 2019 to -17.4% in Q2 2020.
On the other hand, the final consumption of public administrations increased by 5.8% this year against 4% last year.
Additionally, Morocco saw a decrease of 25.7% in imports in the second quarter of 2020, compared to a 4% increase in the same period in 2019.
The goods and services index for exports fell even more with a 32.9% drop during the second quarter of 2020 against an increase of 3% last year.
Exceeding the decline in domestic demand, exterior demand declined by 32.9%. The drop came with a fall in the general level of prices and a decline in the financing needs of the national economy.
Foreign trade in goods and services saw a negative contribution to growth, standing at (-0.6) points instead of (-0.8) points in the same quarter of the previous year.
HCP forecast in April that Morocco’s economic growth would see a decline of 8.9 points in the second quarter of 2020 instead of the -3.8 point prediction relayed April 7.