Rabat — Morocco’s national savings climbed to MAD 461.7 billion ($45 billion) in 2024, marking an 11.6% increase from the previous year, the High Commission for Planning (HCP) announced Monday.
Financial and non-financial companies drove the savings growth, contributing 60.3% of the total. Households and non-profit organizations serving households added 26.8%, while public administrations accounted for 12.9%, according to the commission’s briefing note on national institutional sector accounts.
Gross fixed capital formation reached MAD 422.5 billion ($45.77 billion) in 2024, up 13.9% from 2023. The commission attributed this jump to a sharp 19.9% rise in corporate investments. Household and non-profit investment grew 7.9%, while public administration investment increased 3.2%.
The reports indicated that financial and non-financial companies contributed 59.2% of the national gross fixed capital formation in 2024. Households and non-profits accounted for 26.1%, and public administrations contributed 14.7%.
Financing needs rise
The national economy’s financing needs reached MAD 18.5 billion ($2 billion) in 2024, representing 1.2% of GDP compared to 0.9% the previous year.
This shift stemmed from non-financial companies moving from a financing capacity of MAD 11.9 billion ($1.28 billion) to a financing need of approximately MAD 8.2 billion ($888,503 million).
Financial companies saw their financing needs worsen to MAD 9.1 billion ($986,022 million) in 2024. However, public administrations reduced their financing needs by MAD 12.2 billion ($1.32 billion), while household financing capacity improved by MAD 10.9 billion ($1.18 billion).
Government borrowing increases
To cover its financing needs, the state sector relies on domestic and foreign debt, the commission noted. The General Treasury’s issuances in the domestic market rose significantly, recording a net flow of MAD 48.8 billion ($5.28 billion) in 2024.
External debt for this sector showed a net flow of MAD 19 billion ($2.05 billion) in 2024. At this level, the net flow of internationally issued tradable debt securities reached negative MAD 9.4 billion ($1 billion) in 2024.
Banking sector activity
Non-financial companies recorded a substantial decline in bank loans. The net flow of loans to non-financial companies reached MAD 12.9 billion ($1.39 billion) in 2024, representing 15.1% of their liabilities.
Household debt to banks (including self-employed entrepreneurs) rose slightly, with loan net flow reaching MAD 13 billion ($1.4 billion) in 2024. Deposits experienced significant growth, recording a net flow of MAD 86.8 billion ($9.4 billion).
Financial companies registered a notable decline in loans, settling at MAD 41.9 billion ($4.54 billion), while deposits showed marked improvement of MAD 152.3 billion ($16.5 billion).
MWN with MAP