HCP: National Savings Improve by 11.6% in 2024
National Savings Reach 461.7 Billion Dirhams in 2024
National savings have climbed to 461.7 billion dirhams in 2024, marking an 11.6% increase compared to the previous year, according to national accounts for institutional sectors released on Monday by the High Commission for Planning (HCP).
Financial and non-financial corporations contributed 60.3% to this growth, while households and non-profit institutions serving households (ISBLSM) accounted for 26.8%, and public administrations contributed 12.9%, as highlighted in an informational note from the HCP.
In parallel, gross fixed capital formation (GFCF) amounted to 422.5 billion dirhams in 2024, reflecting a 13.9% rise from 2023. This growth is due to a significant rebound in corporate investments, which grew by 19.9%, alongside an increase of 7.9% in GFCF from the household and ISBLSM sector, and a 3.2% rise from public administrations.
Financial and non-financial corporations represented 59.2% of the national GFCF in 2024. Households and ISBLSM contributed 26.1%, while public administrations accounted for 14.7%.
Overall, the national financing requirement stood at 18.5 billion dirhams in 2024, representing 1.2% of GDP, up from 0.9% the previous year. This deterioration is primarily attributed to the shift in non-financial corporations from a financing surplus of 11.9 billion dirhams to a financing need of approximately 8.2 billion dirhams.
Financial corporations also experienced an increase in their financing needs, reaching 9.1 billion dirhams in 2024. In contrast, the public administration sector saw a reduction in its financing needs to 12.2 billion dirhams in 2024, while households (including ISBLSM) benefited from an improvement in their financing capacity amounting to 10.9 billion dirhams.
To meet their financing needs, public administrations have continued to rely on both domestic and external borrowing, as stated by the HCP. Treasury emissions in the domestic market witnessed a significant rise, resulting in a net flow of 48.8 billion dirhams in 2024. Furthermore, the external debt of this sector recorded a net flow of 19 billion dirhams.
At this level, the net flow of negotiable debt securities issued internationally showed a negative value of 9.4 billion dirhams in 2024.
Regarding non-financial corporations (NFCs), they faced a notable decline in bank credit. The net flow of credits granted to NFCs recorded at 12.9 billion dirhams in 2024, which represents 15.1% of their commitments.
Household indebtedness (including individual entrepreneurs) towards banks saw a slight increase, with a net credit flow of 13 billion dirhams in 2024. However, the flow of deposits rose significantly by 86.8 billion dirhams.
Additionally, financial corporations experienced a substantial decrease in credit amounting to 41.9 billion dirhams, contrasted by a strong increase in deposits totaling 152.3 billion dirhams.
