(Agence Ecofin) – The institution underlines that the strengthening of non-agricultural activities, expected this year and next year, will be driven by the growth of the construction sector, the good performance of the tourism industry and the increase in consumption Household.
Morocco’s GDP growth should stand at 2.8% in 2024, before accelerating to 4.5% in 2025, estimated the Central Bank in a press release published on Tuesday June 25, 2024.
Non-agricultural activities should record growth of 3.8% in 2024 and 4.1% in 2025, while the agricultural sector would contract by 6.9% in 2024, before experiencing growth of 8.6% in 2025, the same source specified.
The strengthening of non-agricultural activities should be driven in particular by “ the various projects launched and planned, the continuation of the dynamic of activities linked to tourism and the consolidation of household consumption in relation to the decline in inflation and wage increases”.
Concerning agricultural added value, Bank Al-Maghrib (BAM) forecasts take into account a cereal harvest estimated by the Ministry of Agriculture at 31.2 million quintals this year, and are based on the hypothesis of a return to an average cereal harvest of 55 million quintals next year.
The Central Bank also recalls that economic growth reached 3.4% in 2023 compared to 1.5% in 2022.
On another level, the institution decided to reduce its key rate by 25 basis points, to 2.75%, citing very notable progress in terms of returning inflation to levels in line with the objective of price stability and the preservation of the post-covid recovery of economic activity.
After reaching 6.6% in 2022 and 6.1% in 2023, inflation has returned to low rates in recent months, due in particular to the easing of external pressures and the fall in product prices. food. It should be at an average rate of 1.5% this year and rise to 2.7% in 2025.
Also read:
04/08/2024 – Morocco: economic growth reaches 2.9% in the first quarter of 2024 (HCP)
07/14/2023 – Morocco: the government expects growth of 3.4% in 2023 and 3.7% in 2024
03/07/2023 – Morocco: the recovery in the agricultural and services sectors led to growth of 3.5% in the 1st quarter of 2023
06/07/2022 – Morocco: economic growth reached 7.9% in 2021 after a deep recession in 2020
