Morocco: expected 2.4% in growth in beginning of 2024

Morocco is pulling itself out of the economic doldrums after covid and the impact of the war in the Ukraine.

Morocco’s statistic office, Haut-Commissariant au Plan (HCP) has set an expecting rate of +2.4% economic growth projection in the first quarter of 2024 according to MEO (Middle East Online) plus agencies. This is a 1.1% growth decline from the growth recorded a year earlier of the same period.

In the recent report, HCP expected moderation of the national economic growth within the economic outlook for the fourth quarter of 2023 and the first quarter of 2024. Due to the continual drought conditions and the delay in the installation of early crops in the agricultural campaign, the recovery that took place in the final quarter of 2023 has experienced difficulties.

READ: Tunisia: helpless farmers highlight the impact of draughts

HCP has noted a substantial 53% rainfall deficit in comparison to the typical agricultural season within the first four months. “The agricultural sector’s value added could see a positive uptick of 0.5% on an annual basis is rainfall conditions reajust to a normal seasonal pattern, particularly in the first quarter of 2024” noted HPC.

Aside from agriculture, a rate of 2.9% growth trajectory is expected to be sustained by the ongoing expansion of secondary sector activities. Notably, the automotive sector, the manufacturing of transportation equipment and chemical industries. Tourism is notably up and is showing signs that it will hit its 15 million visitors target for 2023.

Significantly, the resurgence of extractive industries has shown a substantial 9.4% increase in annual variation compared to the contrasting -11.8% recorded the previous year. As services remain a notable contribution to economic growth they are expected to remain moderate accounting for 1.6 points, compared to 0.5 points from the secondary sector.

Middle East on Line and agencies