Morocco: growth forecast at 2.8% in 2024

Morocco: growth forecast at 2.8% in 2024
Morocco: growth forecast at 2.8% in 2024

Bank Al Maghrib in Marrakech. Credit: The Desk

Growth of the national economy is expected to stand at 2.8% in 2024, before accelerating to 4.5% in 2025, according to projections from Bank Al-Maghrib (BAM).

Non-agricultural activities should strengthen at rates of 3.8% in 2024 and 4.1% in 2025, while agricultural value added would decline by 6.9% in 2024, before rebounding by 8.6% in 2025, indicates BAM in a press release on the 2nd quarterly meeting of 2024 of its Council, held Tuesday in Rabat. The strengthening of non-agricultural activities would be driven in particular by the various projects launched and planned, the continuation of the dynamics of activities linked to tourism and the consolidation of household consumption in relation to the decline in inflation and salary increases, specifies the same source.

Concerning agricultural added value, BAM’s forecasts take into account a cereal harvest estimated by the Department of Agriculture at 31.2 million quintals (Mqx) and are based on the hypothesis of a return to a harvest average cereal production of 55 million quintals (Mqx).

The Central Bank also recalls that economic growth accelerated from 1.5% in 2022 to 3.4% in 2023, the result of an improvement of 3.5%, after 3.4%, in non-added value. agricultural, and a slight recovery of 1.4%, after a contraction of 11.3%, in the agricultural sector.

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